Industrial-Portfolio-Woburn

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MARKET OVERVIEW

WOBURN

Woburn, a premier north suburban town, is home to more than 39,000 residents and 15,000 households. Located just 9 miles north of Boston and just south of the I-93 and I-95 intersection, Woburn offers direct access to several major highways, and is only 15 minutes from Boston and 40 minutes from Providence. Woburn’s Anderson Regional Transportation Center is a hub for public transit services in Boston’s northern suburbs. It provides Amtrak service to Portland, ME and MBTA commuter rail service to Boston’s North Station and Lowell. Bus service to downtown Boston, Logan International Airport and Manchester Regional Airport are also found here. Major Woburn employers include Marshall’s, NECC, New England Rehabilitation Hospital and Chomerics. Woburn’s industrial market consists of nearly 9.5 million square feet of space, with the warehouse subtype accounting for more than half of the total inventory. Industrial demand in Boston’s Route 128 North Submarket has been robust in recent years. Vacancies ended 2017 at just 4.5% in this market, which are among the lowest in the metro area. Looking at Woburn specifically, industrial vacancies ended the year at just 2.2%. With such tight fundamentals, local landlords have been able to push through outsized rent growth here. Since the end of 2015, lease rates for industrial space in Woburn have increased by 34%. Technology, light manufacturing, and other companies needing a small office and/or assemblage component have been key drivers for Flex/R&D space throughout the metro this cycle. So, it’s not surprising that this subtype has driven a majority of rent growth in the Woburn market over the last two years. The industrial market shows no signs of stopping, and going forward, demand should continue to outstrip supply.

ROUTE 95/128 CORRIDOR IS HOME TO 10,000 COMPANIES

VOTED SECOND MOST AFFORDABLE CITY IN THE NORTHEAST*

*SOURCE: BUSINESS WEEK

64 INDUSTRIAL PARKWAY & 1 ADELE ROAD / WOBURN, MA