Manufacturing facilities in Boston exhibit the shortest average time on market in Q1 2024 among all industrial property subtypes.

• Despite a surplus of recent deliveries, both manufacturing and flex facilities have exhibited a sharp decline in average months on market since Q1 2022. Conversely, warehouse/distribution facilities have experienced a gradual increase in average time on the market since year end 2022.
• The metric "Months on the market" measures how long a space remains available before being leased. In Q1 2024, Greater Boston's industrial market had an overall average of 9.1 months on the market. This suggests that manufacturing space leased up more than one month faster than the overall average.
• For the rest of 2024, we expect the average time on the market for manufacturing and flex facilities to decrease slightly more as tenants move to newer buildings. In contrast, we anticipate a more pronounced increase in the average time on the market for warehouse/distribution assets.

Source: AVANT by Avison Young, CoStar