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Boston Industrial Five Fast Facts Q2 2023

Riley McMullan • 7/28/2023
  1. Vacancy Ticks Up:
    While five submarkets posted a sub-4.0% vacancy rate for W/D space, overall vacancy jumped 70 basis points QOQ to 7.0%.  
  2. New Demand Muted:
    Warehouse leasing activity was muted during Q2 with just 689,000 sf of new demand recorded, trailing the first quarter’s total by nearly 500,000 sf.  
  3. Tenants Staying Put:
    More than 1.6 msf of renewals were signed during the first half of 2023, on pace with the 1.8 msf of new demand recorded during the same period.  
  4. YTD Absorption Surpasses 1.0 MSF:
    The market recorded nearly 338,000 sf of positive net absorption during the second quarter, propelling YTD absorption to 1.1 msf. The 495 South submarket alone accounted for 68.1% of the total market’s YTD absorption gains.  
  5. High-Quality Space Options Abound:  
    Just a fraction of the 1.9 msf of new product delivered during the first half of 2023 has been committed, while 85.1% of the 3.8 msf presently under construction remains available.     


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