Industrial Swell Reaches Middlesex County/Rte 495; DeWolfe of Greater Boston Inks 40,000 SF of Deals
October 31, 2017 - By The Real Reporter
HUDSON– Its Downtown area has seen a resurgence over the past few years, with new retail developments and improvements to sidewalks and historic buildings. However, it is its proximity to Route 495, 290 and the Mass Pike that has generated a surge in industrial leases to the Middlesex County town. The seismic shift in consumer buying and online retail sales has seen the Amazons, Wayfairs, and other big online retailers creating a huge affection and attention for industrial products, as detailed in the Real Reporter July article.
Greater Boston Commercial Properties’ Tyler DeWolfe knows the Industrial demand well, and his recent leasing assignments to the area have accounted for 40,000 square-feet, engaged with several tenants; a disparity to the office product, which DeWolfe says is moving at a much slower pace. “In contrast to suburban office space, which remains flat, with an oversupply of space, the Route 495 West industrial market has very few remaining options for small to medium-sized tenants,” DeWolfe retorts to Real Reporter.
The Industrial run is conducive to the shift in consumer retailing, spending more time and dollars via E-commerce and thus putting more pressure and competition among the big online retailers to get products to customers at a blazing pace, many within 24 hours; which accounts for industrial/warehouse assets trading at an insatiable pace all along the east coast. It is this retail shift that has caused investors to gobble up the local supply-chain distribution centers in closer concentrations to major metro areas; a movement that is coined, the “last mile.” A trend that Boston investors, TA Realty recently cashed out on with a 20 building, 2.8 million-square-foot swap to Colony NorthStar for a whopping $201 Million, back in July.
Dewolfe confirmed the latest companies inking deals in the region: Root & Sprout, -800-GOT-JUNK, General Linens, Parmi, USA, Catseye, Benstores, Inc., Champion Athletix, Garcia Hitting Performance, J.A. Crowdle Corporation, and Home Works Energy
Tyler DeWolfe