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‘Boroughs industrial vacancy rate hits all-time low

‘Boroughs industrial vacancy rate hits all-time low

WORCESTER BUSINESS JOURNAL – The vacancy rate for industrial space in the ‘boroughs area of MetroWest — Northborough, Southborough, Westborough, Marlborough — hit an all-time low of 10.5 percent in the first quarter, according to a May report on the Greater Boston industrial market from Transwestern Consulting Group in Boston.

The ‘boroughs vacancy rate hit its all-time low after the region had a net increase of 71,000 square feet of leased and occupied space.

Looking strictly at manufacturing space for the entire I-495 West submarket, which includes MetroWest towns such as Marlborough, Framingham, and Hopkinton, the vacancy rate held relatively steady compared to the end of 2016 at 4.4 percent, while net occupied space in the market also increased by 2,000 square feet over the same time period.

The area, which includes MetroWest towns such as Marlborough, Framingham, and Hopkinton, experienced net increases across all industrial markets. I-495 West had net gains of 14,000 square feet in warehouse space, 3,000 square feet in manufacturing space, and 17,000 square feet in flex space, according to Transwestern.

Vacancy rates across I-495 West were 6 percent for warehouses (down from 6.3) and 11 percent for the flex market (down from 11.4), according to Transwestern.

The entire I-495 corridor had a net increase of 25,000 square feet of industrial commercial space in the first quarter, while Greater Boston experienced a net decrease of 54,000 square feet, its first drop in four quarters.

This article by Laura Finaldi originally appeared here.