INDUSTRIAL MARKET OVERVIEW

TY JANNEY, Managing Principal

---

Emerging signs of relief for occupiers underscored industrial transaction activity in the greater Boston market in the first quarter of 2023 with an increase in overall vacancy to 4.8% from the 12 month average of 4.2% in 2022 and a reversion to negative absorption with new construction deliveries this quarter. The submarkets south of Boston were most active with large block leases signed between 70,000 and 160,000 square feet and Class B and C industrial and user sales highlighted transaction activity in the quarter.