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Office vacancy rate declines

WORCESTER TELEGRAM — The city’s office vacancy rate fell in 2013 thanks to several large companies moving into previously vacant space.

The city’s office vacancy rate fell 12 percentage points, from 34 percent at the end of 2012 to 22 percent at the end of 2013, according to commercial real estate information provider CoStar Group’s final 2013 figures. This puts Marlboro ahead of the Interstate 495 area market average, where the office vacancy rate hovered at 24.5 percent at the end of 2013, according to Colliers International.

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

In 2012, Marlboro absorbed more commercial square footage than any other municipality outside of Boston. Nearly 1.2 million square feet of office space was filled by three large companies: TJX Cos., Quest Diagnostics and Boston Scientific.

Equally significant are the expansions and lease renewals of Cavium Network, Wellington Management, Oxford Immunotec, CardioFocus, IQuum, Rockwell Automation, Sepaton and Tekelec.

This story originally appeared here.