Richards Barry Joyce & Partners

BOSTON – October 24, 2011 – According to Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, Greater Boston’s industrial real estate market had a strong third quarter, posting the second consecutive quarter of increased demand. The findings were released in “indSTATus – Fall 2011”, a quarterly research publication focused on Greater Boston’s industrial property market.

According to the report, Greater Boston enjoyed a 448,000 square foot increase in occupancy across all three industrial property types – warehouse, flex and manufacturing – during the third quarter of 2011. The middle two quarters of 2011 combined for 1.2 million square feet of absorption, representing the greatest such two-quarter total since 2006/2007. The positive demand has been particularly notable for Warehouse space, which accounted for 899,000 square feet of the absorption, dropping vacancy to 16.9 percent from 18.5 percent.

“Greater Boston is weathering the global economic storms much better than other regions and we see this reflected in the industrial market figures,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners. “While global economic factors could affect demand in 2012, an empty construction pipeline and better area fundamentals will likely enable the market to continue to outperform national averages.”

The Warehouse market had 446,000 square feet of positive absorption, dropping vacancy down 0.8 percent to 16.9 percent. Asking lease rates slipped slightly by $0.04 to close the quarter at $5.39.

In the Flex market, positive absorption has occurred in four of the past five quarters, for a total of 403,000 square feet. In the third quarter, positive absorption was 86,000 square feet and vacancy at 16.8 percent, down by 0.5 percent. Asking lease rates dropped by $0.08 to $7.50.

The Manufacturing market had vacancy rise to 18.5 percent from 18.2 percent, with negative absorption of 48,000 square feet. Asking lease rates rose by $0.03 to $6.49.

To request a copy of indSTATus – Fall 2011, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
indSTATus is one of RBJ&P’s family of ten quarterly research reports. The firm also publishes a quarterly office report (officeSTATus) and individual marketSTATus reports on eight critical sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters. In total, RBJ&P produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.

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Richards Barry Joyce & Partners Brokers Two Leases At 325 Vassar Street In Cambridge, Mass.

Leases With BIND Biosciences, Inc. And Sun Catalytix Corporation Bring BioMed Realty Trust’s Building To Full Occupancy

BOSTON – October 7, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered two leases at 325 Vassar Street in Cambridge, Mass. on behalf of the building’s owner, BioMed Realty Trust, Inc. The leases bring the building to 100% occupancy.

The tenants in the leases are BIND Biosciences, Inc. and Sun Catalytix Corporation. Richards Barry Joyce & Partners’ Steven Purpura represented BioMed Realty Trust in both transactions.

Details of the two leases include:

BIND Biosciences signed a new lease for 32,800 square feet of laboratory and office space on the building’s first and second floors. The company was represented in the transaction by Jon Varholak and Eric Smith of Richards Barry Joyce & Partners.

Sun Catalytix leased 9,665 square feet of laboratory and office space on the building’s first floor. Sun Catalytix, which is relocating from less than 2,000 square feet at 200 Tech Square in Cambridge, was represented by Jon Varholak and Eric Smith of Richards Barry Joyce & Partners.

325 Vassar Street was redeveloped by BioMed Realty Trust into a Universal Flex Lab™ building. The Universal Flex Lab concept was designed to meet the needs of companies that require a high level of flexibility, such as those anticipating growth or those with dynamic requirements. Laboratory space, offices and meeting rooms can be installed and reconfigured quickly to maximize productivity and space utilization. Universal Flex Lab space reduces tenant costs because users can customize their space without excessive construction expenses.

Laboratory Market Statistics – Cambridge
According to research by RBJ&P, the Cambridge submarket consists of 8,260,000 square feet of laboratory space and was 16.2% vacant, as of the quarter ended September 30, 2011. [source: Richards Barry Joyce & Partners]

About Richards Barry Joyce & Partners, LLC

Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.

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Greater Boston Office Market Posts Strongest Quarter In Four Years

Richards Barry Joyce & Partners’ “officeSTATus – Fall 2011” Research Publication Details High Occupancy, Dropping Vacancy Rates

BOSTON – October 3, 2011 – Greater Boston’s commercial real estate office market has posted its strongest quarter in four years, according to officeSTATus – Fall 2011, a quarterly research publication from Richards Barry Joyce & Partners (RBJ&P), a full-service commercial real estate advisory firm.

During the third quarter, tenants absorbed 781,000 square feet of office space, the highest quarterly absorption total since 2007. As a result vacancy fell from 16.3% to 15.8% market-wide and occupied square feet is within 1.1 million square feet of the record level set in 2001. Despite all these positive indicators, there is plenty of cause for caution in the quarters ahead.

“We’ve just experienced one of the strongest quarters in recent memory for the office market,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. “While we see a continuation of this growth in the near term, it isn’t clear how global recessionary forces are going to impact the region in 2012 and 2013.” Carroll goes on to say that “the Greater Boston economy has experienced growth at a time when most of the country has experienced job loss and a decrease in use of office space.”

About officeSTATus
officeSTATus is considered one of the market’s leading sources for accurate statistics, engaging topics and insightful analysis. The report is designed for both industry insiders and industry observers, with important information highlighted in bullets, charts and graphics.

The quarter’s highlights are presented on the first page, in a reader-friendly, bulleted list. The “Economy & Real Estate” section places the quarter’s results into broader economic context. There are individual pages on each of the primary submarkets – Boston CBD, Cambridge, Route 128 and I-495 – with findings specific to those areas.

This quarter’s “Market Interesting” compares occupancy of Class A and Class B properties, with the data showing that Class A properties tend to recover quicker than Class B after difficult economic times. The final page is comprised of a valuable resource – a single chart with all the pertinent market statistics (vacancy, market size, absorption, availability, and construction data) with historical data.

To request a copy of officeSTATus – Fall 2011, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
In addition to officeSTATus, RBJ&P publishes nine other quarterly research reports: indSTATus, which focuses on Industrial property types (manufacturing, warehouse and flex buildings) and individual marketSTATus reports on eight crucial sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

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Richards Barry Joyce & Partners Brokers New 20,500 SF Lease Between BioMed Realty Trust, Inc. And Living Proof, Inc.

Developer and Distributor Of Scientifically Advanced Beauty Products Leases Space

In 301 Binney Street, Cambridge, Mass.

BOSTON – September 13, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered a 20,500 square foot lease between BioMed Realty Trust, Inc. and Living Proof, Inc. at 301 Binney Street in Cambridge, Massachusetts, which is owned through BioMed’s joint venture with institutional investors advised by Prudential Real Estate Investors.

Living Proof, which develops and distributes scientifically advanced beauty products, will lease laboratory and office space on the building’s first floor. The location will be Living Proof’s corporate headquarters and more than doubles the company’s previous space at 63 Rogers Street in Cambridge. Living Proof is expected to relocate in January 2012. The lease term is seven years.

Jon Varholak and Eric Smith of RBJ&P represented Living Proof in the transaction. RBJ&P’s Steven Purpura represented BioMed. The firm is the exclusive leasing agent for 301 Binney Street.

“We are excited to be able to negotiate this transaction between Living Proof and BioMed,” said Jon Varholak, partner, RBJ&P. “Both parties worked together to structure a creative deal that benefits each side.”

“It was important for Living Proof to remain in Cambridge given the biotech roots of the Company”, said Jon Flint, Chairman and CEO of Living Proof. “We are excited to be moving to 301 Binney Street to assist with our continued growth and development of best in class beauty products that are based on scientifically proven results.”

Laboratory Market Statistics – Cambridge
According to research by RBJ&P, the Cambridge submarket consists of 8,260,000 square feet of laboratory space and was 17.4% vacant, as of the quarter ended June 30, 2011. [source: Richards Barry Joyce & Partners]

About 301 Binney Street
Located in the heart of the Kendall Square/East Cambridge biotechnology market, 301 Binney Street consists of 410,151 square feet of first class office/laboratory space. The facility sits on a subgrade garage and features a superior laboratory base building shell. Tenants enjoy excellent access via I-93, close proximity to the Red Line (Kendall) and the Green Line (Lechmere) MBTA Stations and the EZ Ride Shuttle Bus. Nearby amenities include shops, restaurants, cinemas and hotels. The building has 110,000 square feet of space available.

About Living Proof
Living Proof is a company of scientists from some of the world’s leading university and research laboratories working together with beauty experts towards one common goal: to invent breakthrough formulas that provide beautiful results you can see from across the room. More information can be found at www.livingproof.com.

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Four Companies Lease Office Space At 187 Ballardvale Street in Wilmington, Mass.

AppliedMicro, Fluke Corporation, OuterLink Global Solutions and Sleep HealthCenters Lease a Total of 35,940 SF

BOSTON – September 8, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered four leases at 187 Ballardvale Street in Wilmington, Mass. for the building’s owners, AEW Capital Management, L.P. and Griffith Properties. AEW owns the property on behalf of AEW Value Investors, L.P., a value-added real estate fund.

The tenants are AppliedMicro, Fluke Corporation, OuterLink Global Solutions and Sleep HealthCenters.

187 Ballardvale Street is a two-story office building totaling 105,000 square feet and is part of the 550,000-square-foot Ballardvale Office Park.

“These leases demonstrate the level of interest in the market for Ballardvale Office Park,” said James Lipscomb, senior vice president, Richards Barry Joyce & Partners. “The recent renovations to the park, as well as its location and visibility, make it one of the region’s top choices for businesses from a wide range of industries, as is seen with these four excellent tenants.”

Brian McKenzie and James Lipscomb of RBJ&P represented the owners in the transactions. The firm is the exclusive leasing agent for Ballardvale Office Park.

Details of the four leases include:

Applied Micro Circuits Corporation or AppliedMicro (NASDAQ: AMCC), a global leader in energy conscious computing solutions for telco, enterprise, data center, consumer and SMB applications, renewed a lease for 14,800 square feet on the second floor of the building. AppliedMicro was represented in the lease by John Wilson of Richards Barry Joyce & Partners.

Fluke Corporation renewed a lease for 5,502 square feet on the 2nd floor. Fluke, the world leader in the manufacture, distribution and service of electronic test tools, biomedical equipment and networking solutions, was represented by Rory Walsh of Cushman & Wakefield.

OuterLink Global Solutions signed a new lease for 4,358 square feet on the 2nd floor. The tenant relocated from Lowell and was represented by Brian Tisbert and Chris Lawrence of Colliers International. Outerlink Global Solutions’ core mission is to connect the world’s mobile and fixed assets through a platform of unified communication networks.

Sleep HealthCenters, a network of specialized sleep medicine centers and clinics that provide all the required services needed to diagnose, treat, and support patients with sleep disorders, signed a new lease for 11,280 square feet on the building’s second floor. Sleep HealthCenters was represented by Rob Nahigian of Auburndale Realty Co.

Route 128 North Office Market
According to research by RBJ&P, the Route 128 North submarket consists of 25,757,000 square feet of office space and was 19.5% vacant, as of the quarter ended June 30, 2011. [source: Richards Barry Joyce & Partners’ “officeSTATus – Summer 2011”]

About Ballardvale Office Park
Ballardvale Office Park is comprised of 555,000 square feet of office space with premier frontage along Interstate 93 in Wilmington, MA. The buildings have each undergone significant renovations, which selectively include new building exteriors, larger windows, state-of-the-art HVAC systems, new roofs and new landscaping, as well as improvements to common lobbies and fitness areas.

The campus is located at the intersection of Route I-93 and Route 125, providing excellent access to Route 128/95, I-495 and Route 3. The campus is less than 20 minutes from downtown Boston and Logan International Airport. A new on-ramp adjacent to the property makes highway access very convenient.

Onsite amenities include a full-service cafeteria in Building One, with a large seating area, flat screen television monitor, and free WiFi access, a new fitness center with state-of-the-art equipment and locker room facilities, and banking facilities within the park.

About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $32 billion of capital invested in $47 billion of property and securities in North America, Europe and Asia (as of March 31, 2011). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com .

About Griffith Properties
Griffith Properties, LLC is a real estate investment firm that employs extensive operating and investing experience to provide investors an attractive risk-adjusted return. We invest in value-added office, industrial, R&D, retail and multifamily assets located in the Boston to Washington DC corridor.

Since 1978, principals of Griffith Properties have owned over $2.0 billion of commercial properties in nearly 70 buildings totaling more than 11.0 million square feet. Brad Griffith founded the firm to take advantage of the opportunities created by the post-2001 market correction in commercial real estate, and to provide investors an attractive risk-adjusted return by investing in multiple asset classes. Through Funds I and II, Griffith Properties has acquired $220 million of assets consisting of 13 office and three industrial buildings, totaling 2.1 million square feet in the Greater Boston, Baltimore, and Washington DC markets. www.griffithproperties.com

About Richards Barry Joyce & Partners, LLC

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Richards Barry Joyce & Partners Helps CSN Stores Re-Align Distribution Network With New Locations In Kentucky And Utah

New Distribution Platform Positions CSN Stores for Continued Expansion

BOSTON – August 11, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, today announced that it recently represented CSN Stores in two leases in Hebron, Kentucky and Ogden, Utah, totaling more than 200,000 square feet.

CSN Stores, the second-largest retailer of home goods in the U.S., offering more than 3 million items from 5,000 brands, hired RBJ&P in 2010 to consult the online retailer on options for expanding its U.S. distribution platform. RBJ&P’s consulting services and brokerage teams worked closely together with CSN Stores on a strategy and multi-state search that would enable the company to expand its distribution footprint beyond Boston.

The 16-month long process involved reviewing potential locations across the country to identify those that satisfied CSN Stores’ strategic and operational objectives. The Hebron and Ogden locations selected by CSN Stores and RBJ&P complement each other and together form the basis of a scalable distribution platform to support CSN Stores’ tremendous growth. In addition to adding capacity for growth, these central locations will allow CSN Stores to serve its customer base with rapid delivery times. Both locations offer proximity to a talented workforce, which was an important consideration.

“We are off to a fast start in Ogden, having hired about 100 people already, and we’re looking forward to establishing a presence in Hebron,” said Nicholas Malone, Chief Financial Officer, CSN Stores. “We were particularly attracted to the strong local workforces and the business-friendly attitude found in both Utah and Kentucky. We look forward to having both facilities operational, which will not only position the company for continued growth, but also elevate our value proposition by enhancing service levels to CSN’s loyal customer base.”

CSN Stores’ 2010 sales were 50 percent higher than in 2009. So far in 2011, sales have grown another 50 percent over 2010, and are on course to surpass $500 million by year’s end.

“From early stage transportation cost studies, to community due diligence and economic incentives negotiation, RBJ&P worked closely with CSN Stores to help determine the best locations for the company’s expansion” said Brian Cohen, senior vice president of consulting services, Richards Barry Joyce & Partners. “The two new locations bring CSN closer to its customer base and form an excellent platform to support the company’s explosive growth.”

The RBJ&P team of Jonathan Varholak, Brian Cohen and Kristin Connelly advised CSN Stores on the site selection, real estate and economic incentives negotiations in Hebron, KY, and Ogden, UT.

About CSN Stores
Headquartered in Boston, CSN Stores LLC (www.csnstores.com) is a $380 million+, privately held
company serving customers in the U.S., Canada, the U.K., and Germany, providing unparalleled selection, great customer service, and significant savings. CSN's web sites include: AllModern.com, CSN Stores.com, and the soon to be launched Wayfair.com. Recently, CSN launched its first flash sale site, Joss & Main, (www.jossandmain.com), which offers 72-hour sales of luxury goods for the home at up to 70 percent off.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. The firm’s Consulting Services team assists corporate clients with real estate portfolio strategy, facility location strategy and economic development incentives advisory, working closely with RBJ&P’s experts in brokerage, capital markets, market research, and financial advisory. For more information, please visit our website at www.rbjrealestate.com.

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CrossHarbor Capital Partners Signs 200,000 SF Lease With Quiet Logistics In Devens Industrial Park

Richards Barry Joyce & Partners and Klemmer Associates Represent Landlord And Tenant, Respectively

BOSTON – August 2, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, today announced a 200,000 square foot lease the firm brokered on behalf of CrossHarbor Capital Partners, LLC in the Devens Industrial Park (Devens, Mass.).

Quiet Logistics, the leader in robotic, high touch eCommerce fulfillment for premium fashion and apparel brands, signed a new lease at 66 Saratoga Boulevard. The location will serve as a distribution center for Quiet Logistics.

The lease follows close on the heels of a 135,000 square foot lease announced in April at 66 Saratoga Boulevard, effectively bringing the former Gillette distribution facility to full occupancy. 66 Saratoga is one of the two buildings that comprise Devens Industrial Park. In evaluating its new location, Quiet Logistics considered the ability to expand its footprint at the park, either through new construction or into 18 Independence Drive, the park’s second building.

“We are very pleased to welcome Quiet Logistics to 66 Saratoga Boulevard,” said Fred Begien, Jr., principal, CrossHarbor Capital Partners. “The two recent leases, and the fact that 66 Saratoga Boulevard is effectively fully occupied, clearly demonstrate the attraction that Devens Industrial Park has in this region.”

Greg Klemmer, SIOR, and Tim Brodigan, SIOR of Klemmer Associates, LLC represented Quiet Logistics in the lease. John Lashar, Paul Leone and James Lipscomb of Richards Barry Joyce & Partners represented CrossHarbor Capital Partners. Richards Barry Joyce & Partners is the exclusive leasing agent for 66 Saratoga Boulevard and 18 Independence Drive in Devens Industrial Park.

About 66 Saratoga Boulevard
Built in 1997, 66 Saratoga Boulevard is comprised of 410,000 square feet of warehouse space and 10,000 square feet of office space. The building sits on 25.63 acres of land and features 30’ clear height, 55 loading docks and one drive-in door. 66 Saratoga Boulevard is part of the two-building Devens Industrial Park, along with 18 Independence Drive. The park totals more than 730,000 square feet of high-bay manufacturing and distribution space and offers up to 360,000 square feet of expansion.

Warehouse Market Statistics
According to research by RBJ&P, the I-495 North submarket consists of 7,606,000 square feet of warehouse space and was 24.2% vacant, as of the quarter ended June 30, 2011. [source: Richards Barry Joyce & Partners]

About Quiet Logistics
Quiet Logistics is the first Fulfillment to Consumer (F2C) provider to deliver a complete outsourced solution that leverages the game-changing material handling robotics of Kiva Systems to some of the eCommerce industry’s fastest growing e-tailers including The Gilt Groupe, Bonobos, Milly, The Shirt, Tucker Blair, La Garçonne and Cloudveil. Quiet Logistics “Consumer Driven Fulfillment (CDF)” services is an alignment of best-in-class operations experience and a fully integrated technology platform with a simplified business model which considerably improves distribution throughput, accuracy, scalability and flexibility at a competitive cost. www.quietlogistics.com.

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Richards Barry Joyce & Partners Releases “indSTATus – Summer 2011”

Research Report Shows Improvements In Greater Boston’s Industrial Property Types

BOSTON – July 14, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released “indSTATus – Summer 2011”, a quarterly research publication focused on Greater Boston’s industrial property market, including warehouse, flex and manufacturing buildings.

According to the report, absorption rates across all industrial property types totaled 690,000 square feet for the second quarter, with the biggest gains seen in warehouse and flex properties. Availability has fallen by 1.8 million square feet from peak levels five quarters ago. Due to an empty construction pipeline, space shortages are possible for users seeking state-of-the-art space, which are in higher demand in all property types.

“Greater Boston’s industrial properties are currently experiencing increasing occupancy trends, which should provide optimism for landlords in the market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners. “Warehouse and flex properties had a particularly good quarter and positive surveys from the Institute for Supply Management give reason to believe the manufacturing market will improve as well.”

The Warehouse market had 453,000 square feet of positive absorption, bringing vacancy down 0.8% to 17.7%. Asking lease rates edged up by $0.06 to close the quarter at $5.43. Since the first quarter of 2010, available square feet has fallen by 2.3 million square feet.

In the Flex market, vacancy declined by a full percentage point to 17.3% on positive absorption of 273,000 square feet. Asking lease rates dropped slightly by $0.03 to $7.58, marking the seventh consecutive quarter of declines.

Vacancy rose to 18.2% from 18.0% in the Manufacturing market, on negative absorption of 36,000 SF. Asking lease rates dropped $0.12 to $6.46, only three percent above ten-year lows.

To request a copy of indSTATus – Summer 2011, please send an email to research@rbjrealestate.com.

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Richards Barry Joyce & Partners Promotes Mark Roberts And Dan Cordeiro To Vice President

New VPs Jointly Direct The Firm’s Marketing Activities

BOSTON – July 6, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, is pleased to announce the promotions of Mark Roberts and Dan Cordeiro to vice president. The two jointly direct the marketing efforts of the firm.

“Mark and Dan have earned this recognition through their hard work in supporting RBJ&P’s marketing activities as well as those of our wide range of tenant and landlord clients,” said Bob Richards, president, Richards Barry Joyce & Partners. “Mark’s tenure at RBJ&P goes back almost to the firm’s founding ten years ago. His combination of creative skills, design expertise and in-depth commercial real estate experience make him an integral team member.

“Dan brings a high level of graphics and web design capabilities to each of his client projects,” continued Richards. “Additionally, he has an in-depth knowledge of technology trends and techniques that make him a key contributor to our success.”

Before joining RBJ&P in 2001, Mark Roberts was head of market research at Cushman & Wakefield. Prior to entering the real estate field Mark worked at Harvard Medical Publications, where he assisted the editor-in-chief with all aspects of editing copy for publication. Mark graduated from University of Massachusetts in Boston with a B.A. in Greek & Latin. Mark also studied at the Intercollegiate Center for Classical Studies in Rome, Italy.

Dan Cordeiro joined RBJ&P in 2005 from Directory M in Cambridge, MA, where he designed web banner advertisements, directory graphics and media kits for various online entities, including Forbes and BusinessWeek. Prior to working at Directory M, Dan honed his creative skills working with The Laidlaw Group and The Lyons Group, where he assisted in creating a wide range of print and multimedia designs. Dan graduated from Massachusetts College of Art in Boston with a B.F.A. in graphic design.

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Richards Barry Joyce & Partners Releases “officeSTATus – Summer 2011”

Research Publication Highlights Greater Boston’s Commercial Real Estate Office Market

BOSTON – June 30, 2011 – Richards Barry Joyce & Partners (RBJ&P), a full-service commercial real estate advisory firm, has released officeSTATus – Summer 2011, the firm’s research publication highlighting Greater Boston’s office market. According to the firm, Greater Boston’s office market strengthened during the second quarter of 2011, with overall vacancy rates dropping and asking lease figures edging upwards.

Greater Boston had positive absorption of 353,000 square feet of office space, bringing the overall vacancy rate down to 16.3% from 16.5%. Across the market, 57% percent of the region’s office buildings are at least 90% full, with 50% of vacancy concentrated at just eight percent of properties.

The asking lease rates for the market were up 3.2% year-over-year to close the quarter at $36.65. Asking lease growth is particularly notable in Class A properties in Boston’s Back Bay, East Cambridge and Route 128 West.

“This was a very positive quarter for Greater Boston’s office market,” said Brendan Carroll, senior vice president of research for RBJ&P. “With tenants driving net positive demand for space four of the past five quarters, real estate indicators now appear aligned with other economic drivers. And with strengthening enthusiasm in the region’s business core, we hold an optimistic view of the remainder of 2011.”

About officeSTATus
officeSTATus provides a wealth of information in an easy-to-read, easy-to-use format, with charts, callouts and other graphics highlighting key results. The quarter’s most significant findings are presented on the first page, in a reader-friendly, bulleted list. The “Economy & Real Estate” section places the quarter in a broader context. Each of the primary submarkets – Boston CBD, Cambridge, Route 128 and I-495 – has a page devoted to specific findings for that area and include a notable “Fact” for each region.

The “Market Interesting” section focuses on the “real” vacancy rates in certain high-demand areas and how much lower they are compared to the broader market – information that will be eye-opening to tenants seeking space. The final page of the report is a chart with all the pertinent market statistics (vacancy, market size, absorption and availability, with historical data) in one handy reference.

To request a copy of officeSTATus – Summer 2011, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
In addition to officeSTATus, RBJ&P publishes nine other quarterly research reports: indSTATus, which focuses on Industrial property types (manufacturing, warehouse and flex buildings), and individual marketSTATus reports on eight crucial sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

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Greater Boston Biotechnology Real Estate Market Highlighted In New Research Publication

“bioSTATus – Summer 2011” Shows Zero Vacancy In Some Suburban Locations, Strength Across Most Of Region

BOSTON – May 26, 2011 – Richards Barry Joyce & Partners has published bioSTATus – Summer 2011, a report highlighting the real estate aspect of Greater Boston’s critical biotechnology industry.

Greater Boston’s biotechnology real estate market is very strong, according to the report, with 13.7% vacancy across the entire region’s 16.3 million square feet of laboratory space. Certain areas of the market are extremely space constrained, with the suburban biotech cluster of Framingham-Lexington-Waltham at a startling vacancy rate of 0.0%.

The East Cambridge market, long considered the absolute center of Greater Boston’s biotech market, has recently seen an increase in non-biotech space users, such as software/technology companies and non-biotech users of lab space. bioSTATus also looks at the real estate impact of Vertex Pharmaceuticals’ planned move from Cambridge to Boston’s Seaport District, as well as the effect of moves by other large biotech companies, such as Biogen Idec and Sanofi SA (Genzyme).

Additionally bioSTATus provides all the pertinent real estate statistics (vacancy, market size, availability, absorption), and also provides insight into the broader trends facing Greater Boston’s biotechnology market, including hiring information and venture capital funding.

“Greater Boston’s biotechnology real estate market is very strong, with a vacancy rate that is somewhat misleading in that it doesn’t display the limited availability in certain high-demand areas,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. “Looking forward, we anticipate a tremendous amount of activity with some of the region’s largest biotechnology players having announced relocations. These moves will affect not only those companies and landlords but have a domino effect by opening up availability in this space-constrained market.”

About bioSTATus
bioSTATus is the region’s most influential research publication covering real estate for the critical biotechnology market. The report is released twice a year and delivers critical real estate statistics (vacancy, market size, availability and absorption) and offers updates on each of the primary submarkets (Cambridge, Boston and the suburbs).

To request a copy of RBJ&P’s bioSTATus – Summer 2011, please send an email to research@rbjrealestate.com.

RBJ&P’s Research Publications
Richards Barry Joyce & Partners produces an industry-leading 42 reports per year, in addition to custom research projects for clients. bioSTATus is released twice a year and there are ten quarterly research reports: officeSTATus is the flagship report on the office market; indSTATus highlights warehouse, manufacturing and flex property types; and individual marketSTATus reports showcase eight critical sub-markets.

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Richards Barry Joyce & Partners Releases “indSTATus – Spring 2011”

Research Report Highlights Greater Boston’s Industrial Property Market – Warehouse, Flex And Manufacturing Buildings

BOSTON – May 6, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released “indSTATus – Spring 2011”, a quarterly research publication focused on Greater Boston’s industrial property market.

According to the report, the industrial market is experiencing positive momentum, shown by occupancy increases at many properties and a continued preference for desirable assets. While large isolated corporate consolidation drove 940,000 sf of negative absorption across the combined property types – warehouse, flex and manufacturing – lease rates continue to come under pressure.

“Last quarter, Greater Boston’s industrial market was fairly stable, after two preceding quarters of positive growth,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners. “Despite negative numeric absorption for the quarter, the growth in occupancy at the average property reflects underlying economic drivers, providing a better indication of the current trend.”

The Warehouse market closed the quarter with 18.5% vacancy, up from 17.5% in Q4 2010. Asking lease rates remained stable, down $0.01 to $5.37. The quarter’s negative absorption of 384,000 square feet was impacted significantly by P&G vacating 735,000 SF in Devens.

Vacancy rose to 18.3% from 18.1% in the Flex market, on negative absorption of 182,000 SF. Asking lease rates dropped $0.16 to $7.61, the lowest since 1998.

In the Manufacturing market, vacancy rose from 15.7% to 18.0%. Negative absorption of 374,000 square feet is the market’s highest since 2004. Asking lease rates decreased by $0.13 to $6.58. Nine fully vacant buildings account for more than a third of the market’s total vacancy.

To request a copy of indSTATus – Spring 2011, please send an email to research@rbjrealestate.com.

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Richards Barry Joyce & Partners Honored By Boston Business Journal As “Best Places To Work” Winner

Firm Named A Finalist In BBJ’s Ninth Annual Awards Program

BOSTON – May 5, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, today announced that it was named a winner in the Boston Business Journal’s ninth annual “Best Places to Work” program.

The firm was notified by the Boston Business Journal that it is a top 25 finalist in the small business category. The “Best Places to Work” winners ranked the highest among more than 300 companies based on the results of anonymous employee-satisfaction surveys taken throughout April. The results were tabulated independently by Quantum Workplace of Omaha, Neb.

“RBJ&P will celebrate its 10 year anniversary this July and we can’t think of a better way to mark that significant milestone than by being named one of the ‘Best Places to Work’,” said Robert Richards, president, Richards Barry Joyce & Partners. “This honor is particularly meaningful since it is based on employee input. Since the firm’s founding, we’ve concentrated on client service, employee satisfaction and giving back to the community, and this award affirms our focus.”

RBJ&P and the other finalists will be honored at a breakfast event that will take place June 9 at the Boston Convention and Exhibition Center. For more information on the event, please go to http://www2.bizjournals.com/boston/event/40611.

“Our Best Places to Work event recognizes the importance of cultivating a great workplace culture as a competitive advantage,” said Chris McIntosh, publisher of the Boston Business Journal. “Companies on our list can be justifiably proud of creating a high level of workplace satisfaction during an economy where traditional rewards like big raises and bonuses aren't as easy to give. In good times and in bad, our results validate how the creation of the right corporate culture can create powerful business advantages. Employees are proud to work for companies that are about more than just business.”

About “Best Places To Work”
The “Best Places to Work” survey project was launched in January by the Boston Business Journal in conjunction with market research firm Quantum Workplace. Companies were evaluated on the results of more than 18,000 employee-satisfaction surveys. Employees answered questionnaires that addressed such factors as their pride in the company, company encouragement, support and recognition of achievement and relationships with co-workers and supervisors. The results were analyzed and scored by assigning points to each question. Winners are the top 25 companies in three size categories — small (20-100 employees), midsize (101-500 employees) and large (more than 500 employees).

About the Boston Business Journal
The Boston Business Journal is Greater Boston’s leading source of business news, information and events, reaching readers through the weekly print publication, the website bostonbusinessjournal.com and e-mail products. The BBJ also prints the annual Book of Lists — the region’s top resource for business decision-makers seeking information about potential clients, suppliers and partners. The Boston Business Journal is published by American City Business Journals, the nation’s largest publisher of metropolitan business news.

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Richards Barry Joyce & Partners Represents CrossHarbor Capital Partners In 135,000 SF Lease In Devens Industrial Park

NFI Signs Lease For Warehouse Space At 66 Saratoga Blvd.

BOSTON – April 13, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it represented CrossHarbor Capital Partners in a new 135,000 square foot lease with NFI in the Devens Industrial Park (Devens, Mass.).

NFI, one of the country’s most diverse supply chain solutions companies, signed a lease for warehouse space in 66 Saratoga Boulevard, one of the two buildings that comprise Devens Industrial Park. The location will serve as a distribution center for NFI.

“Devens Industrial Park’s high level of amenities, central location and full utility infrastructure make it one of the leading distribution and warehouse facilities in the region,” said John Lashar, partner, Richards Barry Joyce & Partners. “We are pleased that a nationally recognized company like NFI has chosen to relocate to 66 Saratoga Boulevard.”

John Lashar, John Wilson, Paul Leone and James Lipscomb of Richards Barry Joyce & Partners represented CrossHarbor Capital Partners in the lease. Richards Barry Joyce & Partners is the exclusive leasing agent for Devens Industrial Park.

About 66 Saratoga Boulevard
Built in 1997, 66 Saratoga Boulevard is comprised of 401,000 square feet of warehouse space and 10,000 square feet of office space. The building sits on 25.63 acres of land and features 30’ clear height, 55 loading docks and one drive-in door. 66 Saratoga Boulevard is part of the two-building Devens Industrial Park, along with 18 Independence Drive. The park totals more than 730,000 square feet of high-bay manufacturing and distribution space and offers up to 360,000 square feet of expansion.

Warehouse Market Statistics
According to research by RBJ&P, the I-495 North submarket consists of 7,606,000 square feet of warehouse space and was 26.0% vacant, as of the quarter ended March 31, 2011. [source: Richards Barry Joyce & Partners]

About CrossHarbor Capital Partners
Since its inception in 1993, CrossHarbor Capital Partners has been recognized as a leading manager of alternative investments. The company combines a disciplined, multi-asset investment strategy with highly experienced professionals to generate superior, risk-adjusted returns for the firm and its investors. CrossHarbor Capital’s business model is performance based and its investment activities exclusively emphasize opportunistic transactions in the following sectors: real estate, distressed loans and private equity. www.crossharborcapital.com

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Richards Barry Joyce & Partners Brokers 25,068 SF Lease On Behalf Of CrossHarbor Capital Partners

Casa Systems, Inc. Expands Corporate Headquarters

At The Recently Renovated River Place At I-93 In Andover, Mass.

BOSTON – April 6, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered a 25,068 square foot lease on behalf of CrossHarbor Capital Partners with Casa Systems, Inc. at River Place at I-93 (100 Old River Road, Andover, Mass.).

Casa Systems renewed its lease and expanded its footprint in the building by 8,982 square feet. River Place at I-93 serves as the company’s corporate headquarters. Casa Systems is a leader in next generation cable edge technology.

“CrossHarbor Capital Partners recently made significant upgrades to River Place at I-93, including modernizing the lobby, restrooms and other common areas, extending its position as one of the leading properties in the market,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “Additionally, CrossHarbor Capital has a very good ability to understand the needs of its tenants and was able to meet Casa Systems’ expansion requirements.”

Brian McKenzie, John Wilson, and James Lipscomb of Richards Barry Joyce & Partners represented CrossHarbor Capital Partners in the lease. Richards Barry Joyce & Partners is the exclusive leasing agent for River Place at I-93. Casa Systems was represented by NAI Hunneman.

About River Place at I-93
River Place at I-93 is a 121,000 square foot building offering first class office and R&D space. The building is located in the heart of I-495’s technology market. Situated directly off I-93, the building offers unparalleled highway access and excellent highway visibility.

Recent renovations to the building include an updated three-story atrium lobby, improved landscaping, resurfaced parking lots, and upgrades to the loading docks and the HVAC system. Nearby amenities include five hotels, numerous dining options, day care providers and fitness facilities.

Office Market Statistics – I-495 North
According to research by RBJ&P, the I-495 North submarket consists of 14,316,000 square feet of office space and was 21.2% vacant, as of the quarter ended March 31, 2011. [source: Richards Barry Joyce & Partners’ “officeSTATus – Spring 2011”]

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Greater Boston Office Market Continues To Stabilize, According To Research From Richards Barry Joyce & Partners

Firm’s “officeSTATus – Spring 2011” Report Shows Most Submarkets With Higher Occupancy Levels

BOSTON – April 4, 2011 – Richards Barry Joyce & Partners (RBJ&P), a full-service commercial real estate advisory firm, has released officeSTATus – Spring 2011, a comprehensive research publication detailing Greater Boston’s commercial office market. According to the firm, Greater Boston’s office market has continued a stabilization trend that began in mid-2010.

During the first quarter of 2011, positive absorption was prevalent throughout Cambridge and much of the suburbs, with 25% more buildings experiencing increased occupancy levels than experiencing increased vacancy. The Route 128 North submarket experienced 269,000 square feet of positive absorption during Q1 and has attracted nearly one million square feet of increasing occupancy over the last five quarters. As a whole, Greater Boston closed the quarter with overall vacancy of 16.5% and 203K square feet of negative absorption.

“While we did not see gain in each segment of the market, the majority of areas showed either growth or at the least continued stabilization,” said Brendan Carroll, senior vice president of research, Richards Barry Joyce & Partners. “These results, along with the recent quarters of growth, provide reason to be confident in the market for the remainder of the year.”

About officeSTATus
officeSTATus is considered one of the market’s leading sources for accurate statistics and insightful analysis. The report features a new design, which enhances its readability and ensures that the report is a useful resource for making informed decisions.

The Q1 highlights are presented on the first page, in a reader-friendly, bulleted list. The “Economy & Real Estate” section places the quarter’s results into broader economic context. There are individual pages on each of the primary submarkets – Boston CBD, Cambridge, Route 128 and I-495 – with findings specific to those areas.

This quarter’s “Market Interesting” focuses on construction, with information on the 31 million square feet of office space built since 1997. The final page is comprised of a valuable resource – a single chart with all the pertinent market statistics (vacancy, market size, absorption, availability, and construction data) with historical data. Detailed graphics and charts throughout the report complement the text and highlight important information.

To request a copy of officeSTATus – Spring 2011, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
In addition to officeSTATus, RBJ&P publishes nine other quarterly research reports: indSTATus, which focuses on Industrial property types (manufacturing, warehouse and flex buildings), and individual marketSTATus reports on eight crucial sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

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Richards Barry Joyce & Partners Announces Lease At 325 Vassar Street, A Unique Flexible Lab Building Owned By BioMed Realty Trust

Epizyme, Inc. Signs New Headquarters Lease In Cambridge, Mass.

BOSTON – March 04, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered an 18,396 square foot lease between Epizyme, Inc. and BioMed Realty Trust, Inc. (NYSE: BMR) at 325 Vassar Street in Cambridge, Massachusetts.

The 325 Vassar Street property will serve as Epizyme’s corporate headquarters and will more than double the size of the life sciences company’s previous location. Epizyme will occupy space on the second floor and is expected to relocate in April 2011.

“Epizyme has made great progress in developing a new class of targeted therapeutics for the treatment of genetically-defined cancer patients based on breakthroughs in the field of epigenetics,” said Jason Rhodes, EVP and CBO, Epizyme. “Our new location supports the growth catalyzed by our scientific advances and our recently announced partnership with GlaxoSmithKline and is an important step in the execution of our strategy to build a new, leading biopharmaceutical company. We anticipate that 325 Vassar, and the flexibility offered by its Universal Flex Lab, will meet our needs for the foreseeable future.”

Epizyme is the first tenant signed by BioMed Realty Trust at 325 Vassar Street since its redevelopment as a Universal Flex Lab™ building. The Universal Flex Lab concept was designed to meet the needs of companies that require a high level of flexibility, such as those anticipating growth or those with dynamic requirements. Laboratory space, offices and meeting rooms can be installed and reconfigured quickly to maximize productivity and space utilization. Universal Flex Lab space reduces tenant costs because users can customize their space without excessive construction expenses.

“Today’s life science companies appreciate having the ability to reconfigure their labs quickly as their technology platform evolves,” said Steven Purpura, partner, Richards Barry Joyce & Partners. “BioMed’s Universal Flex Lab space truly provides maximum flexibility and as such has been very well received by prospective tenants.”

Jon Varholak and Eric Smith of RBJ&P represented Epizyme in the transaction. RBJ&P’s Steven Purpura represented BioMed Realty Trust.

Laboratory Market Statistics – Cambridge
According to research by RBJ&P, the Cambridge submarket consists of 7,988,000 square feet of laboratory space and was 14.2% vacant, as of the quarter ended December 31, 2010. [source: Richards Barry Joyce & Partners]

About Epizyme
Epizyme is leading the discovery and development of small molecule histone methyltransferase (HMT) inhibitors, a new class of targeted therapeutics for the treatment of genetically-defined cancer patients based on breakthroughs in the field of epigenetics. Genetic alterations in the HMTs are strongly associated with the underlying causes of multiple human diseases, including cancer. Epizyme’s patient-driven approach represents the future of personalized therapeutics by creating better medicines for the right patients more quickly and at lower cost than traditional approaches. www.epizyme.com.

About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry(R). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed owns or has interests in 85 properties, representing 147 buildings with approximately 12.2 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com.

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Richards Barry Joyce & Partners Advises Keltron Corporation In New Corporate Headquarters Lease

Life Safety Event Management Systems Manufacturer Plans First Corporate Move In 50 Years

BOSTON – March 01, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it advised Keltron Corporation in a new lease for the company’s corporate headquarters at 101a First Avenue in Waltham, Mass.

Keltron, a manufacturer of life safety event management systems, leased 15,000 square feet of office and R&D space at 101a First Avenue. The long-term lease is for space on the building’s first and second floors. Keltron is moving from the Waltham Watch Factory (241 Crescent Street, Waltham), where it had been located for the past 50 years.

“Having been in the same location since our founding in 1961, contemplating a corporate move was new territory for us,” said David Wilbourn, CEO, Keltron Corporation. “The assistance of the Richards Barry Joyce & Partners’ team was invaluable. They took the time to understand our business needs, as well as the impact of the move on our company, and provided excellent counsel.”

Jon Varholak, Ron Friedman and Brian Cohen of RBJ&P represented Keltron Corporation in the transaction. The building’s landlord, IRG Waltham Limited Partnership, was represented internally.

“After a comprehensive search, we determined that 101a First Avenue best met the needs of Keltron,” said Ron Friedman, senior vice president, RBJ&P. “The building offers functional space and the flexibility to accommodate Keltron’s future growth.”

Office Market Statistics – Route 128 West
According to research by RBJ&P, the Route 128 West submarket consists of 22,229,000 square feet of office space and was 20.6% vacant, as of the quarter ended December 31, 2010. [source: Richards Barry Joyce & Partners’ “officeSTATus – Winter 2011”]

About Keltron Corporation
Keltron Corporation is a leading provider of life safety event management solutions that enable organizations and companies to provide dependable, scalable, life safety event response. Our universally-compatible, UL listed solutions interface with more than 60 models of alarm panels and transmit signals using Ethernet, active network radio, distributed multiplex, digital dialer, direct wire, fiber and coded communications infrastructures. Keltron’s customers include United States Steel Corporation, Consolidated Edison, The Smithsonian Institution, Florida State University, University of Maryland, MD Anderson Cancer Center, US Army Fort Bragg and the City of Philadelphia. For more information, please visit our website at www.keltroncorp.com.

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Richards Barry Joyce & Partners Named Brokerage Firm Of The Year By Boston/SF

Firm Honored For Significant Transactions And Community Involvement During 2010

BOSTON – January 24, 2011 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it was named the Brokerage Firm of the Year for Corporate Services by Boston/SF.

RBJ&P was chosen based on several criteria, including the major projects the firm completed during 2010 and its significant community involvement. Among the many significant transactions completed by the firm during 2010 were RBJ&P’s representation of Shire HGT in the pharmaceutical company’s purchase of Lexington Technology Park (650,000 SF, $201 million), the largest life sciences end user purchase in the year, and its counsel of WilmerHale in the law firm’s 250,000 SF lease renewal in Boston.

RBJ&P’s commitment to community service is a key attribute of the firm. Also in 2010, the firm was named to the Boston Business Journal’s list of the “Area’s Largest Corporate Charitable Contributors”, for the second consecutive year, which is particularly notable given the size of the firm. The firm is particularly involved in BostonCares, Back on Your Feet, International Rett Syndrome Foundation, and the United Way, as well as efforts on behalf of U.S. military personnel.

“We made a conscious decision when the firm was founded in 2001 to have a clear focus on client service and also to make sure we gave back to the community, and we have stayed on target,” said Bob Richards, president, Richards Barry Joyce & Partners. “As the firm nears its ten year anniversary, it is a wonderful honor to be recognized in the marketplace from among our outstanding competitors.”

RBJ&P was honored at Boston/SF’s awards dinner on Thursday, January 20, 2011. Boston/SF is Boston's oldest online commercial real estate news outlet.

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New Report From Richards Barry Joyce & Partners Highlights Greater Boston’s Industrial Real Estate Market

“indSTATus – Winter 2011” Shows Stability In Boston’s Warehouse, Flex And Manufacturing Properties

BOSTON – January 19, 2011 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, has released its quarterly research report on Greater Boston’s industrial property market. “indSTATus – Winter 2011” provides detailed analysis on warehouse, flex and manufacturing buildings.

According to the report, while not building on the previous two quarters of positive absorption, Greater Boston’s industrial market enjoyed a quarter of stabilization. Vacancy rates for each property type were either flat or down negligibly. Asking lease rates were fairly stable, edging down slightly in warehouse and flex properties and up slightly in manufacturing.

“Greater Boston’s industrial market had a solid second half of the year,” said Brendan Carroll, senior vice president of research, RBJ&P. “While not showing significant growth, the three property types ended a long trend of negative absorption and closed the year a very stable fourth quarter. Overall the outlook for industrial real estate in the region is improving.”

The Warehouse market maintained its vacancy rate at 17.5%, while asking lease rates dropped $0.11 to $5.38. There was 164,000 square feet of negative absorption, in a quarter punctuated by several large moves and absorption shifts.

In the Flex market, vacancy dropped 0.1% to 18.1%, with the second consecutive quarter of positive absorption (+43,000 square feet). Asking lease rates, which dropped during the quarter by $0.04 to $7.77, were down 8.0% for the year.

Vacancy remained steady at 15.7% in the Manufacturing market, alongside 2,000 square feet of positive absorption. This flat demand contrasts with the previous quarter’s gain of 257,000 square feet of positive absorption, suggesting stabilized market conditions. Asking lease rates increased by $0.13 to $6.71.

To request a copy of indSTATus – Winter 2011, please send an email to research@rbjrealestate.com.

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