Boston industrial market insights
Q1 2025
Average industrial/flex lease size
The Greater Boston industrial/flex occupier market experienced a slowdown in Q1 2025, with the average lease size decreasing from 17,633 sf to 10,123 sf. Despite this, the market saw a notable increase in transaction activity, with 23 additional leases signed in Q1 2025 compared to Q4 2024.
Aggregate industrial/flex sales dollar volume
In Q1 2025, Greater Boston logged $362 million in total industrial/flex sales volume. While manufacturing space noted a quarter over quarter decrease, other subtypes saw growth. Both warehouse/distribution and flex space saw a strong uptick in their quarterly sales volume, with warehouse/distribution space rising by $38 million and flex space adding $50 million when comparing Q4 2024 to Q1 2025.
Average NNN asking rents
Industrial/flex pricing in Greater Boston has slowed to start 2025 due to a halted leasing market. Asking rents are expected to rise in the coming quarters, given construction starts remain at bay and existing space is leased up, applying downward pressure on vacancy rates.
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