Dennis Croke and Joe Flynn of NAI Hunneman's south suburban team represented Anacomp in the transaction while property owner, the Flatley Co. represented themselves. Croke tells GlobeSt.com that the industrial market for the immediate south market remains strong. He emphasizes, though, that there is still some significant vacancy in the market as it moves out along Routes 128 and 495. The office market remains weak, but he believes it appears to be stabilizing.
According to Spaulding & Slye Colliers' most recent statistics, the vacancy rate for the industrial market is about 3% in the Route 128/Mass Pike area. But those rates jump up to 15% as the market moves out of the city heading south and up to 14% in the north. The average asking rent for industrial space in the Greater Boston area is $6 per sf. In the Route 128/Mass Pike market goes for an average of $11 per sf.
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