Image courtesy of Google Maps

A New York developer proposes a 519,000-square-foot distribution and warehouse facility on an 84-acre site near the New Hampshire border in Tyngsborough.

Wind Raven LLC proposes the high-bay facility on a 40-acre portion of the site at 406 and 424 Middlesex Road.

Record-low industrial vacancies in Greater Boston are pushing development beyond Interstate 495 into southern New Hampshire and central Massachusetts, according to commercial brokerage research.

Greater Boston’s 182.8-million-square-foot industrial market had a record-low 4 percent vacancy rate at the end of 2021, according to brokerage Hunneman’s REALinsights market report. Another 4 million square feet were under construction.

Asking rents have risen 13 percent in the past year in the Interstate 495 North submarket and now top $10.50 per square foot on a triple-net basis, according to Hunneman research.

The Tyngsborough facility would have a maximum height of 45 feet and include 783 parking spaces, including 145 for trailers, and generate 3,264 daily vehicle trips, according to a notification form submitted to the Massachusetts Environmental Policy Act office. The project also would include a 26,000-square-foot retail building fronting on Middlesex Road.

The parcels are currently owned by Lowell-based Middlesex Road Realty Trust and Greenbaum Tyngsborough Realty Trust of Atherton, California, according to Tyngsborough assessors’ data.

Developers are expected to submit documents beginning the local permitting process in early spring, said Eric Salerno, Tyngsborough’s town planner and director of economic development.