METRO WEST DAILY NEWS – Office vacancy rates fell to a three-year low in 2013, according to a press release issued today by the Marlborough Economic Development Corporation.
The vacancy rates for office space in the city fell 12 percentage points year-over-year, from 34 percent in 2012 to 22 percent in 2013, according to the MEDC.
The drop leaves Marlborough with a lower vacancy rate than the region, with the I-495 area ending 2013 with a vacancy rate hovering at about 24.5 percent, according to MEDC, which cited numbers from Colliers International.
Last year saw more than 12 new companies moving into Marlborough and several companies already in the city taking on expansion projects.
“There is tremendous value in being seen in Marlborough,” MEDC Executive Director Tim Cummings said in the release. “I am pleased to see the private sector realizing this fact and I hope the trend continues into 2014.”
The 2013 numbers came after a 2012 marked by rapid growth in the city, according to the MEDC. The city absorbed more commercial square footage in 2012 than any other town or city outside Boston, according to the release. A trio of large companies – TJX Companies, Quest Diagnostics and Boston Scientific – coming into the city or expanding their presence filled nearly 1.2 million square feet of space, according to MEDC.
Mayor Arthur Vigeant credited MEDC for helping to stimulate the growth.
“I am extremely happy with MEDC’s performance over the past few years,” said Mayor Arthur Vigeant. “They are instrumental to promoting our city as a great place to do business and our success is directly attributable to their efforts. I’m excited to see how things continue to develop this year, as Boston Scientific, Quest Diagnostics and our other new tenants move into Marlborough.”
This story originally appeared here.