Leases were signed for 410k SF of industrial space in greater Boston this past spring, reducing vacancy rates from 12% to 11.5%. Rents are increasing as well, rising 5.6% above last year’s levels, reports the Boston Globe. Vacancy rates in towns along northern Route 128, home to nearly 20% of all warehouse space in the area, have dropped to a record low of 4.8%. Among the largest leases recorded for Q2 was a 132k SF warehouse in Woburn leased by Electric Supply Center. [Globe]
Industrial Vacancy Rates Dropping in Greater Boston
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