- 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%.
- 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.
- 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.
- 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.
- 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.
Boston Industrial Five Fast Facts Q2 2023
Riley McMullan • 7/28/2023
Use Cushman & Wakefield's interactive map to find out how much industrial commercial real estate construction activity is taking place in select United States cities.7/13/2023