Northbridge Partners is developing a nearly 400,000 square foot warehouse and distribution center at 80 Pine Hill Drive in Boylston after receiving $38.7 million in financing from Cambridge Savings Bank.

Steady demand for distribution space translated into another record-breaking quarter for Greater Boston’s 216-million-square-foot industrial real estate market, according to a brokerage research report.

Vacancies dropped to a historic low of 3.1 percent during the first quarter of 2022, Newmark reported this week, while asking rents rose 3.5 percent on a triple-net basis to $12.87 per square foot.

Industrial users accounted for 600,000 square feet of positive absorption during the quarter, while another 6.1 million square feet of industrial space is under construction. The figure is more than three times the amount of space being built during the first quarter of 2021, according to Newmark research. Major leases included 104,380 square feet at 64 Research Drive in Haverhill and 88,000 square feet by Wayfair at 20 Constitution Drive in Taunton.

“The demand for quality industrial space combined with nationwide supply shortages indicate that vacancy rates will continue to decrease in the near term,” the Newmark research team led by Liz Berthelette wrote.

Rent increases pushed a pair of investment sales above $300 per square foot, including the $88.5 million sale of 415 Wildwood Ave. in Woburn and the $44 million sale of 22 Willow St. in Chelsea.