A relatively quiet quarter for the Greater Hartford Industrial market

Hartford Industrial

Short on time? Here are the highlights of our third quarter 2018 Greater Hartford Industrial MarketView. To request the full report, fill out the form at the bottom of this post.

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The Greater Hartford Industrial market in Q3 2018 saw a small contraction of 6,403 sq. ft. of negative absorption, down from 235,152 sq. ft. of positive absorption in the second quarter. The vacancy rate remained flat at 8.3%, while the availability rate increased marginally to 8.8%. Meanwhile, average asking rents in the market decreased to $5.17 per sq. ft. NNN.

Both the Hartford South and Hartford West submarkets drove the leasing activity in the Greater Hartford Industrial market.

 

Greater Boston Industrial sees tempered demand in Q3, rents continue to rise

Industrial

Short on time? Here are the highlights of our third quarter 2018 Boston Industrial MarketView. To request the full report, fill out the form at the bottom of this post.

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360 Second Avenue, Waltham

The lack of large transactions in Q3 2018 and tempered demand led the Greater Boston area to a relatively flat quarter statistically, bringing the year-to-date total to just over 720,000 sq. ft. of positive absorption. Overall availability and vacancy ended the quarter declining to 9.1% and 6.1%, respectively, with average asking rents increasing to $9.76 per sq. ft. largely driven by the inner core markets. In a market that has been historically tight, the 2.0 million sq. ft. of new construction currently underway has become a welcome relief valve for dwindling options despite the continued rise in construction costs.

Investment activity this summer was strong in all submarkets, which is an indicator that the market continues to garner continued interest from various capital sources. The outlook on the overall economy remains positive.

Property Spotlight: 225 Carando Drive

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Built in 1991, CBRE/New England is pleased to offer 225 Carando Drive, a ±46,148 SF building in Springfield’s Industrial A zone, for lease or for sale at $3.5 million. Previously occupied by a printed circuit board assembler, the building is suitable for high-tech assembly, manufacturing and indoor agriculture. The building is fully air-conditioned, serviced with heavy-duty power, offers parking for 100 cars and additional land.

The property is located within Carando Industrial Park, just one mile from Interstate 291 and three miles from Interstates 90 (Massachusetts Turnpike) and 91.

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The building includes 25′ x 50′ column spacing, three loading docks and a clear height of 17-20′. Zoned I-2, 225 Carando Drive also offers two cafeterias and a training room.

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For additional information, please contact CBRE/NE’s John Reed.

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Slower start to 2018, but demand is waiting in the wing

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Short on time? Here are the highlights of our first quarter 2018 Greater Boston Industrial MarketView. To request the full report, fill out the form at the bottom of this post.

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50 Independence Drive, Devens

After ending 2017 with almost 3.0 million sq. ft. of positive absorption, the Greater Boston Industrial market is off to a slower start with 600,000 sq. ft. of negative absorption in the first quarter. The negative growth is largely due to several large blocks finally hitting the market coupled with transactions that had not crossed the finish line in the first quarter; the negative growth is not due to wavering activity levels. Overall availability and vacancy ended the quarter at 10.1% and 6.3%, respectively, with average asking rents increasing to $8.77 per sq. ft., largely driven by the inner core markets.

 

Recently Completed Transaction: One Campbell Street, Pawtucket, Rhode Island

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We are pleased to announce the sale of One Campbell Street to RJP Packaging for $1,150,000. Daniel Cregan, a member of our Rhode Island Industrial & Logistics Advisory & Transaction Services team, represented the seller, Imperial Packaging. One Campbell Street is a 47,450 SF industrial building located on 1.42 acres of land in the desirable Industrial Highway area of Pawtucket. The site has good access to Interstates 95, 195, 295 and 495. The building includes 40 parking spaces, five dock-height doors, 14-20′ clear height and a 5,000 SF office area.

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CBRE/New England’s Rhode Island Industrial & Logistics Advisory & Transaction Services team is comprised of knowledgeable real estate experts who have a proven track record in serving the full spectrum of industrial services. Our global service platform offers expertise in supply chain logistics, manufacturing, R&D, warehousing and distribution, and land measurements. Supported by up-to-date knowledge of local, regional and national industrial markets, we offer unparalleled levels of experience and expertise on behalf of both occupier and landlord clients.

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CBRE/New England Wins Big at the CBA Achievement Awards!

By Taidgh McClory, Managing Director/Partner, Advisory & Transaction Services

On March 22 at the InterContinental in Boston, the Commercial Brokers Association (CBA) gathered to honor select brokerage teams throughout Greater Boston at their annual awards dinner. For the brokerage industry, this is equivalent to the Academy Awards. CBRE/New England stood out as a dominant force at the awards, taking home six out of a potential 13 awards.

On behalf of the entire company, congratulations to all this year’s winners, nominees, our clients and the finalists! We continue to be proud of our employees, our collaboration and our market leadership as a world-class company.

Below are the CBRE/NE finalists for 2017’s CBA Achievement Awards:

MemorialDrive_1Office Deal of the Year – Greater Cambridge
InterSystems
Size: 238,000 SF
Address: One Memorial Drive, Cambridge, MA
Landlord: Oxford Properties
CBRE/NE Representatives: (Landlord team – Steve Purpura, Eric Smith) (Tenant team – Adam Brinch, David Fitzgerald, Robert Fitzgerald, Tim Howe)

Retail Deal of the Year Trillium
Trillium Brewing Co.
Size: 16,000 SF
Address: Thompson Place, 47 Farnsworth Street, Boston, MA
Landlord: Invesco/CrossPoint
CBRE/NE Representative: Brian Cohen

BrattleCourt_aerial_700px_v2Most Creative Deal of the Year
Brattle Court at Harvard Square
Size: 61,858 SF
Address: 1-8 Brattle Street, 17-41 Brattle Street, Cambridge, MA
Landlord: Asana Partners
CBRE/NE Representatives: Dave Pergola Jr., Brian Doherty, Matt Curtin

Life Science Deal of the Year75.125 Extrior Updated 06.2014
Shire
Size: 222,926 SF
Address: 125 Binney Street, Cambridge, MA
Landlord: Sublease – Shire
CBRE/NE Representatives: Steve Purpura, Eric Smith, Brian Cohen

President’s Council Special Recognition
Dynatrace (Five-Party Waltham Mega Deal)

  • National Grid subleased 68,000 SF from Dynatrace at FM Global’s (landlord) 404 Wyman Street in Waltham, MA
  • Dynatrace, represented by CBRE/NE, relocated to 40,000 SF at Boston Properties’ (landlord) Reservoir Place at 1601 Trapelo Road in Waltham, MA
  • Dynatrace’s move to Reservoir Place required JLL to help another client, Constant Contact, restructure its existing lease
  • CBRE/NE Representatives: Ron Friedman, Perry Beal

Industrial Deal of the YearIndustrial Deal of the Year
66 Saratoga Boulevard, Devens, MA
Size: 275,392 SF
Landlord: CIP Saratoga Boulevard LLC
CBRE/NE Representatives: Bob Gibson, Steve Clancy, Rachel Marks, Doug Rodenstein

To learn more about the night, please read more here.

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Recently Completed Transaction: 25 James P. Murphy Highway

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We are pleased to announce the sale of 25 James P. Murphy Highway to D.E.J. Realty, Inc. for $1,384,500. 25 James P. Murphy Highway is an industrial building located in West Warwick, Rhode Island. Located in the desirable and well-established West Warwick Industrial Park, this site is directly off Interstate 95 (Exit 8) with convenient access to Interstate 295 and Routes 2 and 4. The three-acre property consists of 25 parking spaces, 8′ x 8′ loading docks and flexible zoning. The building consists of 16,800 SF of industrial space and 4,500 SF of office space for a total of 21,300 SF.

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CBRE/New England’s Rhode Island Industrial & Logistics Advisory & Transaction Services team is comprised of knowledgeable real estate experts who have a proven track record in serving the full spectrum of industrial services. Our global service platform offers expertise in supply chain logistics, manufacturing, R&D, warehousing and distribution, and land measurements. Supported by up-to-date knowledge of local, regional and national industrial markets, we offer unparalleled levels of experience and expertise on behalf of both occupier and landlord clients.

Team