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Office vacancy rate in Marlborough falls to three-year low

BOSTON CITYBIZLIST – Marlborough’s office vacancy rate fell by 12 percentage points year-over-year, putting Marlborough ahead of the Route 495 area market average, where the office vacancy rate hovered at 24.5% at the end of 2013, according to Colliers International.

More than a dozen new companies from various industries entered the Marlborough market last year, and many existing businesses committed to expanding their local operations. These economic developments are expected to create hundreds of new jobs and amount to approximately $2 million of additional annual tax revenue for the city.

In 2012, Marlborough absorbed more commercial square footage than any other municipality outside of Boston. Nearly 1.2 million sq. ft. of office space hailed from the big three — TJX Companies, Quest Diagnostics, and Boston Scientific. Expansions and lease renewals of Cavium Network, Wellington Management, Oxford Immunotec, CardioFocus, IQuum, Rockwell Automation, Sepaton, and Tekelec also contributed to the healthier numbers.

“Our mission has always been to increase the commercial tax base, in order to stabilize the residential tax rate, and ultimately secure Marlborough’s economic future,” said Marlborough Economic Development Corporation Executive Director Tim Cummings. “In 2013, we achieved unprecedented commercial growth, we attracted a great number of reputable companies to our city, we secured valuable funding for the development of local roads, and we set up a number of other initiatives aimed at making Marlborough a great place to live, work and play.”

This article originally appeared here.