While the industrial market was not hit as hard as the office market in the recent economic downturn, it has been experiencing higher vacancies. Most industry experts note that those vacancies are among the older spaces that have not yet been fully modernized. According to Cushman & Wakefield's most recent statistics, the Greater Boston area has an overall vacancy rate in the warehouse/distribution market of 15%.
Exel was represented by James Grady of Cushman and Wakefield of Massachusetts, while James Nicoletti and Andrew Majewski, executive vice presidents and partners, and Steve Clancy, executive vice president, of CB Richard Ellis/Whittier Partners, represented the property owner, Conroy Development Co.
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