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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
ARKET
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
Q12017
303 Congress Street | Boston, MA 02210 | 617.457.3400
www.NAIHunneman.com
ArrowsDirect Vacancy Sublease Vacancy 12-month Absorption Leasing ActivityAsking RentDown Down Down Down Up
Total Inventory Under Construction Direct Vacant Sublease VacantRoute 128 South 38,543,181 132,000 3,007,948 8,900Route 495 South 30,649,493 606,200 3,029,292 45,000Total 69,192,674 738,200 6,037,240 53,900
Notable TransactionsTenant Address City SizeExel Cost Center* 530 John Hancock RoaTaunton 181,980 Mancon 200 Shuman Avenue Stoughton 87,771 Boston Beedar 20 Middlesex Road Mansfield 83,899 Dorel Juvenile Group* 25 Forbes Boulevard Foxborough 53,112 EGM 675 Canton Street Norwood 42,791 *Renewal
Featured Deal
Vacancy and Net Absorption
NAI Hunneman assisted Hercules Realty with a full-building lease at 30 Panas Road in Foxborough. The tenant, ABC Supply Company, inked a deal for 30,200 square feet during the first quarter as it continues to expand its branch locations.
0%
2%
4%
6%
8%
10%
12%
-400,000
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Net Absorption Vacancy
Class A&B Rents
Submarket Trends
$0
$2
$4
$6
$8
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Route 128 South Route 495 South
- The South Industrial market saw negative absorption for the first time since the second quarter of 2015; causing vacancies to inch up slightly during the first quarter. - Dynisco, Dorel Juvenile Group and Exel Cost Center executed renewals in the Route 495 South Submarket. - The Kellogg Company is subleasing the entirety of 17 Forge Parkway in Franklin, which totals 84,376 square feet. - After being acquired last year, Cybex International is closing its operations at 10 Trotter Way in Medway and relocating to the Midwest. The 120,000 square foot building boasts office, showroom and manufacturing space. - Clarion Partners recently sold 400 Manley Street in West Bridgewater. The 216,400 SF warehouse transacted for $13.1 million or $61 per square foot.
VACANCY AND NET ABSORPTIONCLASS A & B RENTS
TENANT ADDRESS CITY SIZE
Exel Cost Center* 530 John Hancock Road Taunton 181,980
Mancon 200 Shuman Avenue Stoughton 87,771
Boston Beedar 20 Middlesex Road Mansfield 83,899
Dorel Juvenile Group* 25 Forbes Boulevard Foxborough 53,112
EGM 675 Canton Street Norwood 42,791
*Renewal
NOTABLE TRANSACTIONS
TOTAL INVENTORY
(SF)
UNDER CONSTRUCTION
(SF)
DIRECT VACANT
(SF)
SUBLEASE VACANT
(SF)
TOTAL VACANCY
RATE
Q1 NET
ABSORPTION (SF)
YTD NET
ABSORPTION (SF)
ASKING RENT ($/SF)
Route 128 South 38,543,181 132,000 3,007,948 8,900 7.8% (74,394) (74,394) $6.90
Route 495 South 30,649,493 606,200 3,029,292 45,000 10.0% (163,759) (163,759) $6.07
TOTAL 69,192,674 738,200 6,037,240 53,900 8.8% (238,153) (238,153) $6.48
FEATURED DEAL
30,200 SF30 PANAS ROAD, FOXBOROUGH
NAI Hunneman assisted Hercules Realty with a full-building lease at 30 Panas Road in Foxborough. The tenant, ABC Supply Company, inked a deal for 30,200 square feet during the first quarter as it continues to expand its branch locations.
STATISTICS
SOUTH INDUSTRIAL MARKET
SUBMARKET TRENDS
• The South Industrial market saw negative absorption for
the first time since the second quarter of 2015; causing
vacancies to inch up slightly during the first quarter.
• Dynisco, Dorel Juvenile Group and Exel Cost Center
executed renewals in the Route 495 South Submarket
during the first quarter.
• The Kellogg Company is subleasing the entirety of 17 Forge
Parkway in Franklin, which totals 84,376 square feet.
• After being acquired last year, Cybex International is closing
its operations at 10 Trotter Way in Medway and relocating
to the Midwest. The 120,000 square foot building boasts
office, showroom and manufacturing space.
• Clarion Partners recently sold 400 Manley Street in West
Bridgewater. The 216,400 SF warehouse transacted for
$13.1 million or $61 per square foot.
Q1 Q1 2017