Despite economic headwinds, Boston’s industrial market set a record with asking rent at $14.68 this quarter. Decreasing supply, imbalanced with demand, continue to drive rents up in all submarkets, and particularly for the North and Urban submarkets. Vacancy also grew this quarter amongst spaces greater than 300,000 s.f. with the market experiencing over 1 million s.f. of negative absorption. This is primarily attributed to large e-commerce and retailers exiting the market, such as Talbots shutting down their distribution center in Lakeville and a large e-commerce company in Mansfield putting their space up for sublease.
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