Key Takeaways
Total vacancy increased metrowide to 10.4%.
Asking rents stayed flat after experiencing upward momentum throughout the first half of this year.
Notable construction commencements: Marcus Partners has begun construction of their 235,000 SF industrial asset at 555 King Street in Franklin. Berkeley Garbe has broken ground at 161 Concord Road in Billerica, a 150,000 SF Flex/R&D facility.
CENTRAL INDUSTRIAL
The Central Industrial submarket has been relatively quiet this year, with availability hovering around 12.5% throughout 2026.
The most notable deal occurred at 180 Charles Street in Malden, where autonomous driving technology company Waymo leased the entire 65,000 SF building.
295 Eastern Avenue in Chelsea is nearing completion: GFI Partners’ 114,000 SF high-bay industrial warehouse facility continues the trend of smaller facility construction. The property is located one mile from Hines’ recently delivered 146,000 SF asset – 250 Marginal Street – also a high-bay warehouse. 295 Eastern is the only project currently under construction in the Central Industrial geography.
ROUTE 495
In the North market, the most notable lease was Brooks Automation Holdings – a semiconductor automation company owned by private equity firm THL. Brooks currently operates out of several facilities on Elizabeth Drive in Chelmsford, and their new lease for 37,875 SF at 270 Billerica Road (also in Chelmsford) represents a significant expansion of their capabilities. It should be noted that Brooks has also confidentially filed for an IPO, which would be the first significant semiconductor-related company in the Commonwealth to go public in a decade. Furthermore, this lease execution demonstrates there continues to be strong demand and interest for new construction, specifically in assets under 150,000 SF.
Availability in the North has remained relatively flat throughout the year, presently sitting at 12.3%, a 120 basis point increase YoY.
ROUTE 128
Vacancy in this submarket cluster advanced approximately 70 basis points, bringing the figure to 10.8%.
The North market remains resilient, although availability has hit a five-year high at 11.6%. Fundamentals were impacted by the addition of 51 Dunham Ridge Road in Beverly. New England Biolabs originally leased the 162,000 SF new construction flex asset in 2021. The entire building is now available for sublease.
Vacancy in the South market also advanced to 10.7%, yet leasing activity was fairly robust: Veho executed a 90,210 SF lease at 675 Canton Street in Norwood, and Bossard renewed their 104,430 SF commitment at 2 Kay Way in Stoughton.
For more information please contact:
Mark Fallon, Director of Research & Strategy | mfallon@hunnemanre.com