Issue link: https://nebusinessmedia.uberflip.com/i/1210881
wbjournal.com | February 17, 2020 | Worcester Business Journal 7 UniBank's team of business experts provide customized solutions that help you meet the modern-day demands of running a business. Our comprehensive suite of products and services, including our UniPay Online Payment solution, were designed to provide businesses the competitive edge needed to strategically navigate fi nancial challenges. You be you. You you. bank Member FDIC/Member DIF Contact one of our experts or visit unibank.com to fi nd out more. Kristy L. Genga AVP, UniPay Business Sales Offi cer 508.849.4245 Todd Mandella SVP, Senior Commercial Lender 508.849.4253 Lemonia Mironidis VP, Branch Manager Worcester 508.756.0807 Tom McGregor SVP, Chief Commercial Lending Offi cer 508.849.4340 ing big blocks of space," Umphrey said. e next wave of retailers who handle multiple products from different compa- nies will drive rents and sales prices. Potpourri Group built a 450,000-square-foot e-commerce facility in Littleton. e company ships more than 5 million packages annually from the 52-acre site located off I-495's Exit 30. e rising demand and selling prices have been attracting big institutional investors, Umphrey said, like the New York Life Insurance Co. and New York investment management firm Black Rock, Inc. "It is not uncommon for these com- panies to be paying over $100 per square foot for those buildings in markets like Westbourough and Marlborough," Umphrey said. "at end of the market is very strong." Cushman's report says economic indicators, with strong links to indus- trial fundamentals, point to continued growth in 2020 and 2021. "Industrial has been the investors' darling in recent years, and there is no indication of this love affair coming to an end any time soon," the report said. "Over the next couple of years, we expect it to remain one of the leading product types to watch." WBJ News Editor Grant Welker contributed to this report. More than 38 million square feet of industrial space lies along the I-495 belt, a key roadway for getting products around New England. I-495 industrial spaces Available space Available space in 4Q 2018 in 4Q 2019 The Boroughs 7,420,000 sq. ft 7,420,000 sq. ft (9.2% vacancy rate) (8.6% vacancy rate) Framingham, Natick 729,000 sq. ft. 729,000 sq. ft. (0% vacancy rate) (12.6% vacancy rate) I-495 area total 37,574,000 sq. ft. 38,501,000 sq. ft. (6.6% vacancy rate) (7.3% vacancy rate) Note: The Boroughs (Marlborough, Northborough, Westbough and Southborough), Framingham and Natick are included in the I-495 belt total. Source: Perry Brokerage Associates W