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Marlborough commercial vacancy hits five-year low

Marlborough commercial vacancy hits five-year low

WORCESTER BUSINESS JOURNAL – Marlborough’s commercial vacancy rate fell 17 percent in 2016 to a five-year low, after over two dozen companies either moved to Marlborough or expanded within city limits.

The city’s commercial vacancy rate hit 10 percent by the end of the year, according to the Marlborough Economic Development Corporation’s 2016 annual report, released last week. The 25 companies that either moved or expanded in Marlborough occupied more than 295,000 square feet and added more than 400 jobs. In 2015, about 12 businesses relocated to Marlborough or expanded there, according to MEDC.

The city’s unemployment rate also hit a historic low, falling by 43 percent year-over-year to 2.1 percent, a 15-year low.

Although 2016 was a good year, 2017 is shaping up to be one of MEDC’s busiest yet. This year, the economic development group will make plans to redevelop and reuse the Walker Building, conduct a comprehensive transportation study to bring more transportation options to residents and employees, and study ways to improve Route 20 East and other areas of the city, according to MEDC.

To read the full MEDC Annual Report, go here.

This article by Laura Finaldi originally appeared here.