Sales trends to watch in the North Reading, MA industrial real estate market — in this video Jeremy Cyrier, CCIM briefs us on 2019’s most notable industrial real estate sale as well as rental rate and vacancy 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/
So, how was the North Reading industrial market in 2019? Once we wrapped up the year, North Reading is a relatively small market. It’s about 1.7 million square feet of industrial and flex property. There’s not a whole lot going on there, but the market dynamics are very positive because of the short supply and its strategic location to 93. So, at MANSARD, what we do here is we help owners of high value industrial and flex properties in North Reading find the right buyers who perform so that you can sell your property with confidence.
So, in this market in 2019 the average price per square foot came in at $139 per square foot. So, that’s a rich price for industrial and flex in this market. It exceeds the average price per square foot for industrial and flex throughout the Rockingham Essex and Middlesex County markets. CoStar reports the average cap rate in North Reading has been 7.2% in 2019 and the average rental rate has been trading around $13.98 a square foot.
Virtually a fully occupied market. There’s hardly any vacancy in North Reading, and what we’ve seen in the market is anything that does come available tends to move very quickly. The most notable sale of the year was 217 R Main Street in North Reading. That building sold for $3.6 million or $105 a square foot. If you’d like more information about what’s happening in North Reading, please feel free to reach out or you can subscribe here to our market updates. Look forward to seeing you again. Thank you.