Among the report's key findings are that sale prices of industrial buildings have skyrocketed, reaching highest levels ever in the area. In addition, owner/occupant prices, which had hovered at $50 to $60 per sf during the boom of the 1980s and much of the 90s, hit $70 per sf last year and in 2003, the prices have reached the $80s per sf--the highest ever.

"The northern inner suburban industrial market of Greater Boston has again resisted those full-to-empty space swings that cyclically plague areas such as the Burlington and Waltham office markets," notes Phillip Burgess, president of Burgess Properties. "This submarket is home to companies that typically don't have P/E ratios, aren't VC funded and operate more like tortoises than hares. This market is predominantly populated by old-line companies in decidedly low-tech businesses such as food production, machine tooling, air-freight, vehicle repair, commercial laundry and warehousing and distribution."

Given the types of industries and companies, adds Burgess, this market is likely to remain stable in both good and bad times.