We all want to know what’s happening with Wilmington MA industrial property sales trends. That way we can make the best real estate decisions at the right time in the market. In this video, Jeremy Cyrier, CCIM provides an update on 2019 Wilmington MA industrial property sales trends.
Sales trends to watch in the Boston commercial real estate market: https://masscommercialproperties.com/boston-commercial-real-estate-market-sales-trends/
The best way to sell commercial real estate for the right price: https://masscommercialproperties.com/think-like-a-buyer-commercial-real-estate-for-sale/
The top 5 questions to ask your commercial real estate broker: https://masscommercialproperties.com/top-five-questions-commercial-real-estate-broker/
Woburn industrial space market stats: https://masscommercialproperties.com/real-estate-news/woburn-industrial-space-market-statistics/
What’s going on with the Wilmington MA industrial sales trends market?
Owners of high-value commercial real estate come to us when they’re having difficulty finding the right buyers so they can sell with confidence. So what’s going on in Wilmington? Well, Wilmington’s been a much more active markets and the Woburn market has. In fact, Wilmington tends to be a spillover market from its sibling Woburn.
Wilmington Industrial Property Market Stats: 2019
What we’re seeing in this 9.8 million square foot industrial flex market, is an average transaction value in 2019, of $119 a square foot. CoStar’s reporting cap rates in this market at 6.9%, and rents are averaging $11 and 98 cents a square foot. Vacancy rate’s running 6.2% which is much higher than Woburn, which is currently at about 2.7%. so what does this tell us? What this tells us is that Wilmington often tends to be a spillover market from Woburn in the three zones in Wilmington that you see having spillover. The 38 corridor, the 129 exit at 93, as well as Concord street, and then the Ballardvale section of Wilmington.
Wilmington Outsells Woburn in 2019
So some of the recent transactions that are pushing the values, the highest one on record this year is 300 Ballardvale, which was the Monogram Foods acquisition. That building traded at 300 Ballardvale for $213 a square foot. That was followed by the sale of three Jonspin Road properties, 46 53 and 55 Jonspin, at $145 a square foot. And then 44 Concord street at 147.50 a square foot. Wilmington Technology Park, that portfolio of four buildings, that traded for $133 a square foot.
So overall Wilmington, much more active market on the sales side in 2019 than its sibling market, Woburn. And we’ll see what 2020 has in store. So if you’re interested in receiving market updates, subscribe to our channel and we’ll talk to you soon. Thanks.