A 372,000-square-foot speculative distribution center known as Lunenberg Central broke ground earlier this year in central Massachusetts. Image courtesy of CBRE

After a recent boom in speculative industrial projects in Massachusetts, the pace of construction is expected to slow in 2023 amid rising building costs and a potential economic slowdown that could eat into consumer spending.

Sublease offerings rose to the highest levels in two years, while big requirements declined in the third quarter, according to a report by brokerage Colliers. More than 15.5 million square feet of industrial development is under way in Greater Boston.

Asking rents have risen for seven consecutive quarters and averaged $14.10 per square foot at the end of the third quarter.

But more new buildings are being leased to multiple tenants in a reflection of the decline in demand from larger users, with more requirements in the 50,000 to 200,000-square-foot range.

“Sound fundamentals across the market have allowed landlords to keep rents high,” the report said. “However, due to pipeline deliveries and uncertainties in the market, near-term gains may be harder to come by.”

Positive absorption in the third quarter totaled more than 750,000 square feet.

In August, Amazon announced it will close delivery stations in Milford, Dedham, Everett, Randolph and Mansfield. Fed-Ex, Walmart and Target all have dropped requirements for additional distribution space.

The current conditions are creating a “flight to quality” in the 178.5-million-square-foot industrial market, with Greater Boston’s vacancy rate of 2.8 percent is 2.2 percent lower than the market as a whole, according to Colliers data.