statistics…2014 q4 2015 q1 2015 q2 2015 q3 2015 q4 2016 q1 2016 q2 2016 q3 2016 q4 route 128 south...
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495 WEST
495 NORTH
495 NORTHEAST
495 SOUTH
128 SOUTH
128 NORTHWEST
128 NORTH
FRAMINGHAM/NATICK
INNERSUBURBS
128 WEST
SOUTH INDUSTRIAL M
ARKETQ4
2016
ASKING RENT
LEASING ACTIVITY
12-MONTH ABSORPTION
SUBLEASE VACANCY
DIRECT VACANCY
STATISTICS OVER THE LAST 12 MONTHS
303 Congress Street | Boston, MA 02210 | 617.457.3400
www.NAIHunneman.com
Q4
303 Congress Street | Boston, MA 02210 | 617.457.3400
www.NAIHunneman.com
Q4 2016
Class A&B Rents
Submarket Trends
$0
$2
$4
$6
$8
2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Route 128 South Route 495 South
‐ With 3.3 million square feet of industrial space absorbed over the last two years, vacancies now sit 260 basis points below their 2014 levels in the South markets.
‐ TA Realty's 200,000‐square‐foot speculative building at 150 Charles Colton Road in Taunton delivered. M.S. Walker also completed its 184,900‐square‐foot bottling plant at 100 Meadow Road in the Boston Business Park.
‐ Harrison Specialty Company listed the 105,000‐square‐foot 15‐21 University Road in Canton for lease or sale.
‐ PrimeSource acquired Northeast Wholesale in November; leaving 60,000 square feet vacant at 980 Turnpike Street in Canton.
‐ In the fall of 2017, a one million‐square‐foot medical marijuana growing facility, known as the Massachusetts Medical Cannabis Center, is set to open in Freetown. The first phase is set to begin construction in March with a 130,000‐square‐foot facility.
ArrowsDirect Vacancy Sublease Vacancy 12‐month Absorption Leasing ActivityAsking RentDown Flat Up Up Up
Seaport Total Inventory Under Construction Direct Vacant Sublease VacantRoute 128 Sout 38,543,181 0 2,933,554 8,900Route 495 Sout 30,649,493 498,200 2,837,533 0Total 69,192,674 498,200 5,771,087 8,900
Notable TransactionsTenant Address City SizeInsul‐Mart LLC 260 Kenneth Welch D Lakeville 107,216 Azz Inc.* 51 Adler Street Medway 80,863 Tighe Logistics 40 Robbie Road Avon 75,798 Hunneman DealVerizon Commu51 Adler Street Medway 42,777 Mantua Manufa21 Parker Avenue Avon 30,320 Hunneman Deal*Renewal
Featured Deal
Vacancy and Net Absorption
NAI Hunneman assisted Urban Equities with a 75,798‐square‐foot lease at 40 Robbie Road in Avon. The tenant, Tighe Logistics, was also represented by Hunneman. This move represents the company's 6th distribution center, which will service a leading Massachusetts food manufacturer.
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Net Absorption Vacancy
VACANCY AND NET ABSORPTIONCLASS A & B RENTS
TENANT ADDRESS CITY SIZE
Insul-Mart LLC 260 Kenneth Welch Drive Lakeville 107,216
Azz Inc.* 51 Adler Street Medway 80,863
Tighe LogisticsNAI Hunneman Deal
40 Robbie Road Avon 75,798
Verizon Communications* 51 Adler Street Medway 42,777
Mantua ManufacturingNAI Hunneman Deal
21 Parker Avenue Avon 30,320
*Renewal
NOTABLE TRANSACTIONS
TOTAL INVENTORY
(SF)
UNDER CONSTRUCTION
(SF)
DIRECT VACANT
(SF)
SUBLEASE VACANT
(SF)
TOTAL VACANCY
RATE
Q4 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
ASKING RENT ($/SF)
Route 128 South 38,543,181 0 2,933,554 8,900 7.6% 133,824 1,435,814 $7.06
Route 495 South 30,649,493 498,200 2,837,533 0 9.3% 234,096 297,971 $6.12
TOTAL 69,192,674 498,200 5,771,087 8,900 8.4% 367,920 1,733,785 $6.60
FEATURED DEAL
75,798 SF40 ROBBIE ROAD, AVON
NAI Hunneman assisted landlord Urban Equities with a 75,798-square-foot lease at 40 Robbie Road in Avon. This move represents Tighe Logistics’ sixth distribution center, which will service a leading Massachusetts food manufacturer.
STATISTICS
SOUTH INDUSTRIAL MARKET
SUBMARKET TRENDS
• With 3.3 million square feet of industrial space absorbed
over the last two years, vacancies now sit 260 basis points
below their 2014 levels in the South markets.
• TA Realty’s 200,000-square-foot speculative building at
150 Charles Colton Road in Taunton delivered. M.S. Walker
also completed its 184,900-square-foot bottling plant at
100 Meadow Road in the Boston Business Park.
• Harrison Specialty Company listed the 105,000-square-foot
15-21 University Road in Canton for lease or sale.
• PrimeSource acquired Northeast Wholesale in November;
leaving 60,000 square feet vacant at 980 Turnpike Street
in Canton.
• In the fall of 2017, a one million-square-foot medical
marijuana growing facility, known as the Massachusetts
Medical Cannabis Center, is set to open in Freetown. The
first phase is set to begin construction in March with a
130,000-square-foot facility.
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