STATISTICS…Q4 303 Congress Street | Boston, MA 02210 | 617.457.3400 Q4 16 Class A&B Rents...
Transcript of STATISTICS…Q4 303 Congress Street | Boston, MA 02210 | 617.457.3400 Q4 16 Class A&B Rents...
495 WEST
495 NORTH
495 NORTHEAST
495 SOUTH
128 NORTHWEST
128 NORTH
FRAMINGHAM/NATICK
INNERSUBURBS
128 SOUTH
128 WEST
WEST 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
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2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Framingham-Natick Route 495 West
‐ With six consecutive quarters of positive absorption, vacancies in the West submarkets have fallen precipitously since mid‐2015; reaching 6.1% at the end of 2016.
‐ Murata Power Solutions executed a full‐building lease at 129 Flanders Road in Westborough; totaling 29,200 square feet.
‐ First Colony Development recently broke ground on a 65,000‐square‐foot Flex/R&D building at 200 Crowley Drive in Marlborough on a speculative basis. Delivery is set for mid‐2017.
‐ DHL Global Mail took occupancy of 60,520 square feet at 1‐5 Sassacus Drive in Westborough.
‐ Year‐over‐year asking rents increased by more than 8% in the West submarkets, with Route 495 West seeing a majority of the gains.
ArrowsDirect Vacancy Sublease Vacancy 12‐month Absorption Leasing ActivityAsking RentDown Up Up Down Up
Total Inventory Under Construction Direct Vacant Sublease VacantFramingham‐Na 3,148,801 0 229,524 40,000Route 495 West 15,292,052 65,000 752,592 101,614Total 18,440,853 65,000 982,116 141,614
Notable TransactionsTenant Address City SizeMurata Power S129 Flanders Road Westborough 29,200 Mintra Corpora 417 South Street Marlborough 21,600 MLM Logistics 25 Brigham Street Westborough 4,000
*Renewal
Featured Deal
Vacancy and Net Absorption
In October, Feris Development acquired the 55,515‐square‐foot 5 Beeman Road in Northborough from H.N. Gorin for $9.3 million or $168 per square foot. The cap rate on this transaction was 7.96%. The property, which was built in 2003, is fully‐occupied by Iron Mountain.
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2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Net Absorption Vacancy
VACANCY AND NET ABSORPTIONCLASS A & B RENTS
TENANT ADDRESS CITY SIZE
Murata Power Solutions 129 Flanders Road Westborough 29,200
Mintra Corporation 417 South Street Marlborough 21,600
MLM Logistics 25 Brigham Street Westborough 4,000
NOTABLE TRANSACTIONS
TOTAL INVENTORY
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UNDER CONSTRUCTION
(SF)
DIRECT VACANT
(SF)
SUBLEASE VACANT
(SF)
TOTAL VACANCY
RATE
Q4 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
ASKING RENT ($/SF)
Framingham-Natick 3,148,801 0 229,524 40,000 8.6% 5,881 30,767 $6.72
Route 495 West 15,292,052 65,000 752,592 101,614 5.6% 89,915 329,928 $8.75
TOTAL 18,440,853 65,000 982,116 141,614 6.1% 95,796 360,695 $8.27
FEATURED DEAL
55,515 SF5 BEEMAN ROAD, NORTHBOROUGH
In October, Ferris Development acquired the 55,515-square-foot 5 Beeman Road in Northborough from H.N. Gorin for $9.3 million or $168 per square foot. The cap rate on this transaction was 7.96%. The property, which was built in 2003, is fully-occupied by Iron Mountain.
STATISTICS
WEST INDUSTRIAL MARKET
SUBMARKET TRENDS
• With six consecutive quarters of positive absorption,
vacancies in the West submarkets have fallen precipitously
since mid-2015; reaching 6.1% at the end of 2016.
• Murata Power Solutions executed a full-building lease at
129 Flanders Road in Westborough; totaling 29,200 square
feet.
• First Colony Development recently broke ground on a
65,000-square-foot Flex/R&D building at 200 Crowley Drive
in Marlborough on a speculative basis. Delivery is set for
mid-2017.
• DHL Global Mail took occupancy of 60,520 square feet at
1-5 Sassacus Drive in Westborough.
• Year-over-year asking rents increased by more than 8%
in the West submarkets, with Route 495 West seeing a
majority of the gains.