Boston industrial market insights
Q1 2024
Increase in flex space share of aggregate leasing activity
In Q1 2024, Greater Boston saw a notable increase in flex facilities' share of leasing activity, rising from 23% in Q4 2023 to 30.9%. This surge underscores a sustained demand for flex space, expected to persist significantly throughout 2024.
Average months on the market for manufacturing facilities
In Q1 2024, Greater Boston's industrial market had an average "months on the market" metric of 9.2 months, while manufacturing facilities averaged 8.0 months, indicating they're leased up over a month faster than the overall average and 5.7 months quicker than in Q1 2022.
Q1 deliveries took place in the 495 South submarket
In Q1 2024, Greater Boston saw nearly 900,000 sf of industrial space delivered, with the 495 South submarket contributing 41.3% of these additions. Currently, with 3.38 msf of industrial inventory under construction, the 495 South submarket accounts for over half of this total, reflecting its consistent popularity among industrial occupiers.
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