June 13, 2007
High vacancy, low rents for industrial market
By Matthew L. Brown
A steady stream of tenants leaving the industrial real estate market west of Boston has resulted in asking rents falling to an average of $7.36 per-square-foot, according to Boston-based real estate firm Grubb & Ellis Co.
However, the firm said the market seemed to level off during the first quarter.
According to the firm, the largest tenant moves in the west sub-market during the quarter were Affordable Interior Systems' occupation of 555 Main St. in Hudson and RenaMed Biologic's departure from 20 Walkup Dr. in Westborough.
Each lease is about 100,000 square feet, according to Grubb.
Average yearly rents for industrial property in the west sub-market stands at $7.36 per-square-foot, a drop of $1.07 from the third quarter of 2005. The vacancy rate for the area during the first quarter was 14.8 percent, a 1.8 percent jump over the first quarter of last year.
Grubb includes Framingham, Hudson, Littleton, Marlborough, Natick, Needham, Newton, Northborough, Waltham and Westborough in the west sub-market.
However, the firm said the market seemed to level off during the first quarter.
According to the firm, the largest tenant moves in the west sub-market during the quarter were Affordable Interior Systems' occupation of 555 Main St. in Hudson and RenaMed Biologic's departure from 20 Walkup Dr. in Westborough.
Each lease is about 100,000 square feet, according to Grubb.
Average yearly rents for industrial property in the west sub-market stands at $7.36 per-square-foot, a drop of $1.07 from the third quarter of 2005. The vacancy rate for the area during the first quarter was 14.8 percent, a 1.8 percent jump over the first quarter of last year.
Grubb includes Framingham, Hudson, Littleton, Marlborough, Natick, Needham, Newton, Northborough, Waltham and Westborough in the west sub-market.
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