METRO WEST DAILY NEWS – The city’s overall commercial vacancy rate has been slashed in half over the past four years thanks to growing numbers of companies making the city their home.
Officials from Regional Resource Group Inc. used information from the city assessors’ annual income and expense survey completed by property owners that contains data on occupied and vacant space. Those officials also visited nearly 250 commercial properties in the city. The report found the city’s overall commercial and industrial vacancy rate is 11.12 percent, down from 22 percent in 2012.
According to the report, the industrial vacancy rate dipped from 19.69 percent in 2013 to 9.73 percent in 2015, while the office vacancy in the city dropped from 25.98 percent in 2013 to 18.47 percent in 2015.
The retail vacancy rate rose from 3.72 percent in 2014 to 4.60 percent in 2015, but is down from 6.10 percent in 2013.
Over the past few years, a handful of companies, including Oyo Sports, New England Cryogenic Center Inc., LFB Corp., Mitutoyo and Tetra Tech moved to the city, trimming the commercial vacancy rate.
The report described Marlborough as a “vibrant” community in which to live and work.
“Declining vacancy rates, along with improving employment and revenue statistics, point to significant economic growth,” according to the report. “Lower vacancy rates are also the precursor to increasing commercial and
industrial property valuations which benefit all property owners.”
In a letter to the City Council, Mayor Arthur Vigeant said the report is positive news. He said he and the Marlborough Economic Development Corp. will continue working to improve the city’s economy.
“We will continue to keep economy development a priority and benefit from our team approach to strengthening Marlborough’s economy,” he wrote.
City Councilors Monday said they were pleased with the results and the city’s effort to fill empty commercial space.
“This is truly a good report,” said City Councilor Joseph Delano. “We’re in good shape.”
This article by Jeff Malachowski originally appeared here.