The health of the Boston industrial market is undeniable. After 926,000 SF of absorption, vacancies ended the first quarter at 8.6%, the lowest rate in at least a decade and down 2.1 percentage points from year-ago levels. This is also indicative of the overall health of the Greater Boston economy. And this is driving rents higher. After topping $7.00/SF for the first time in 2017, rents eclipsed $8.00/SF to start the year. Overall, they’re up a whopping 16.3% over the past year. New construction is light, while conversions remain commonplace, ultimately causing the industrial inventory to shrink.