Dan Clarey, a project manager for the Burlington-based Gutierrez, tells GlobeSt.com that the firm has approval to build a total of 260,000 sf on the site. He says that they are moving ahead with construction on the second phase of the building which is being built on speculation and should be completed by November 2004.
Both phases of the building involve about 5% office space in each section. McKesson's portion includes 17 loading docks while the second phase will have 13 loading docks. Clarey emphasizes that the building is state of the art industrial space with 32-ft clear space.
Clarey points out that the company has a lot of confidence in the industrial market in the area. "We were advised that the [industrial] market was strong," says Clarey, explaining why the company decided to build industrial space on the site.
According to Spaulding & Slye Colliers' most recent statistics, the overall availability rate for the industrial market in the Route 495/Mass Pike area is nearly 22%, a figure that is just 1% below the average availability rate for the Greater Boston area. Average lease rates for industrial space in the area are about $6.50 per sf. Clarey says that there has been strong interest in the second half of the building and they have received a few proposals.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
