20,000-SF Industrial Building Sells for $1M

The building was previously fully occupied by HK Hardwoods, a division of Marshall Lumber Co. Jacobs tells GlobeSt.com that the building has been vacant for nearly a year and on the market for the past six months. He notes that there was a lot of interest in the property, whose asking price was $1.3 million. The average asking rent for industrial space in Charlton ranges from $6.50 per sf to $8.50 per sf.

According to Jacobs, the selling price on the deal, at about $52 per sf, is market rate for this area, which is a western suburb of Worcester. Jacobs points out that while Worcester's vacancy rate is approximately 20% for industrial space, the suburban market experiences much lower vacancy rates. It's a strong industrial market, says Jacobs, but the city just has so much industrial space. He adds that developers have already started converting some of the city's mills into condominiums.