Photo courtesy of Cushman & Wakefield

A supplier of scientific lab equipment will relocate to an Ayer property after signing a full-building lease for over 113,000 square feet.

Pepperell-based Celltreat Scientific Products will consolidate from three separate locations into the new headquarters at 3 Nemco Way.

Located on a 6.8-acre parcel, the 115,352-square-foot warehouse was developed in 1988 and acquired in 2013 for $4.6 million by an affiliate of Ayer-based Catania-Spagna Corp.

Cushman & Wakefield’s Nick Bruha, Blake Baldwin and Shayne O’Neil represented the tenant in the transaction.

The transaction represents one of the largest recent leases in the local industrial market, which has seen negative absorption in 2024, according to a recent report by brokerage Hunneman.

The 168.7 million-square-foot Route 495 submarket has over 652,000 square feet of negative absorption year-to-date, and a 7.8-percent vacancy rate, Hunneman Director of Research & Strategy Mark Fallon reported.

The total Greater Boston industrial market, which spans nearly 296 million square feet, has nearly 2.7 million square feet of negative absorption year-to-date. The vacancy rate rose 0.5 percent to 7.3 percent.

Developers have broken ground on projects totaling 2.5 million square feet in 2024, including Link Logistics’ 635,000-square-foot Trident Logistics Center at the former Global Partners fuel tank farm in Revere.

Several large speculative projects have been completed in recent months without tenant commitments, including Hines’ 146,409-square-foot last-mile distribution center at 250 Marginal St. in Chelsea and Portman’s 248,453-square-foot warehouse and distribution facility at the former Silver City Galleria property in Taunton.