Commercial brokerage Newmark announced that its brokers had arranged a new 86,954-square-foot lease at an industrial property adjacent to Manchester-Boston Regional Airport.

The lease will see welcomes circuit board assembly company, Intelligent Manufacturing Solutions relocate from a building on the Manchester side of the airport. The move will double the company’s footprint.

Newmark executive managing directors Rich Ruggiero, Brian Pinch and Tyler McGrail represented the landlord, R.J. Kelly, in lease negotiations.

The 233,839-square-foot building at 12 Innovation Way is a class A asset with office, manufacturing and light assembly space. Built in 2018, it now only has 50,000 square feet of unleased space, plus the ability to expand by 70,000 square feet, Newmark said.

“We’re proud to have helped secure a long-term solution that supports IMS’ growth trajectory and positions the company for continued success,” Ruggiero said in a statement. “By understanding the tenant’s evolving operational needs and aligning with the landlord’s objectives, our team was able to negotiate a lease that benefits both parties and strengthens the value of this high-quality asset.”

While demand for industrial space is generally softening across the country, Newmark said the Southern New Hampshire industrial market is constrained due to dropping availability, according its research. Just 6.2 percent of industrial square footage in the market is available, compared to nearly 8 percent a year ago, Newmark said, with availability in class A space falling by 10 percent since the first quarter of 2025.