Boston Industrial Figures Q4 2023

January 10, 2024 5 Minute Read

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Amidst global and domestic unrest, the Greater Boston industrial market, including the Worcester Metro, continued to demonstrate strong fundamentals in the final quarter of 2023. Robust leasing activity at new speculative construction properties especially confirmed the resilience of the industrial market, with several creditworthy tenants executing leases at delivered industrial product. Year-to-date leasing activity in Greater Boston and Worcester culminated at more than 11.84 million sq. ft., which is on par with the record-breaking transaction volume witnessed in 2021 and 2022 (all-time high leasing velocity was 13.49 million sq. ft. leased in 2021 and 11.91 million sq. ft. leased in 2022). Partly due to the emergence of industrial demand by life science related users, robotics groups, and other high-technology companies, leasing activity is expected to hold steady into 2024 as the Greater Boston region continues to benefit from a diverse tenant landscape and core demand under 150,000 sq. ft.