Commercial real estate advisory firm Richards Barry Joyce & Partners’ industrial and flex market reports, released today, show Greater Boston’s vacancy woes are not improving.

Its flexSTATus report for fall 2009 found an increase in vacancy of 0.7 percent, to close the third quarter of 2009 at 19.2 percent.

"There was 219,000 square feet of negative absorption during the quarter, marking three consecutive quarters of negative absorption," RBJ said in a press release.

The firm’s indSTATus report – which covers both warehouse and manufacturing properties in Greater Boston – showed the warehouse market had 449,000 square feet of negative absorption, with vacancy increasing 0.8 percent to 17.8 percent in the third quarter. While in the manufacturing market, vacancy rates stayed the same since Q2, ending the third quarter at 15.6 percent. There was flat absorption of negative 5,000 square feet.

"The flex, warehouse and manufacturing markets realized a slowdown in the deterioration of vacancy and lease rates," said Brendan Carroll, vice president of research for RBJ, in a press release. "While superior industrial and flex product is well positioned for the next several quarters, aggregate demand for a large and growing supply of dated or obsolete product will continue to lag."

Reports: Vacancy Rising In Greater Boston Flex, Industrial Markets

by Banker & Tradesman time to read: 1 min
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