Scott R. Hughes, president, and Matthew Foley, associate, of Hughes Properties, Inc. represented MKEA in the lease transaction while Michael R. Frisoli, partner, and Patrick Cleary, associate, of Richards Barry Joyce and Partners represented the property owner First Marlborough Development Trust.
Lease rates for this deal were not available but the average asking rent for similar space in the area is about $6 per sf. While the industrial market in this area is experiencing an availability rate of 21% according to Spaulding & Slye Colliers's most recent statistics, the market is still faring much better than the area's office market, where availability rates have reached as high as nearly 32%. According to many industry analysts, much of the excess industrial space is older, non-modernized facilities. There continues to be demand for newer, more modernized spaces.
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