Commercial real estate in the Boston Metro is dealing with record demand in some business sectors, and a pandemic-induced slump in others. According to the latest data from the Federal Reserve Bank of Boston’s Beige Book, as reported in the Boston Business Journal, the demand for lab and industrial space has reached an all-time high.
In fact, demand for Boston Metro industrial space is far greater than the current supply. Much of the demand is due to explosive growth in e-commerce activity, which requires large sites to warehouse and distribute consumer goods. The challenge for tenants is finding suitable facilities. Warehouses that are functionally obsolete, or lack sufficient access for high volumes of traffic, are not a good fit for today’s technology-driven logistics.
For an example of the Boston Metro demand for warehouse space, one needs to look no further than Amazon, which has been on an acquisition and development binge in recent years.
Demand for lab space in on a record pace as well. Pandemic research added fuel to an already-hot life sciences market in the Boston Metro. The life sciences sector is also challenged by a lack of suitable supply, and there is only so much available land on which to build. Suburban markets are getting more attention as the quest for space intensifies, and we are likely to see new lab development in the months ahead.
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
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