Marlborough, MASS. May 30, 2014 – Faced with the departure of some of its largest employers during the recession, Marlborough’s commercial vacancy rate has bounced back more rapidly than in most Commonwealth communities. That is no accident, says MassDevelopment CEO & President Marty Jones, who was the keynote speaker at last night’s Marlborough Economic Development Corporation (MEDC) Founders Reception.
“Marlborough should take pride in its openness both to planning and development, a trait all too rare among Commonwealth communities,’ Jones said. “On March 17, 2011, a MetroWest Daily News headline blared, ‘Fidelity move will leave nearly half of Marlborough’s office space empty.’ That reads like a tipping point into the economic abyss, but today, just three short years later, Marlborough has a lower vacancy rate than neighboring cities and towns… Through the leadership of the Mayor & Marlborough’s City Council the MEDC was empowered to turn the horrible news into something happy.”
Close to 50 of Marlborough’s most prominent officials, business leaders and commercial real estate brokers gathered at last night’s Founders Reception to celebrate a year of rapid economic growth and dramatic vacancy rates decline.
Speaking at the event, MEDC Executive Director Tim Cummings pointed out that last year alone, Marlborough’s office vacancy rate fell by a third to 22% from 34% in 2012. Cummings said that over 600,000 sq. ft. of office space was either leased or purchased in 2013, and about a dozen new companies moved into the city.
“The MEDC, along with our state and local partners and city officials, has worked hard over the past year to bring about these major successes,’ Cummings said. “More and more companies from around the state and country are seeing Marlborough for the uniquely-positioned, business-friendly community that it is. And judging by the number of company relocation announcements and commercial real estate transactions that have already occurred this year, I am confident that our work will continue to produce great results.”
Last year, with the support of MassDevelopment, the Urban Land Institute (ULI) Boston issued a report that prompted a series of public visioning sessions aimed at developing a comprehensive action plan for the revitalization of Marlborough’s downtown. As a result, the Downtown Marlborough Working Group, comprised of MEDC and city officials, business owners and local residents, is set to bring about substantial zoning changes to the area as early as next month.
“The leadership of Mayor Vigeant, the MEDC, and the private sector have helped transform the Marlborough economy,” Jones said. “Business representatives and residents deserve great credit for working with the Urban Land Institute and MassDevelopment, which looks forward to extending its partnership to help to bring even more businesses and jobs to Marlborough.”
The final meeting, after which the downtown Marlborough committee will hand its final recommendations over to the City Council, is scheduled for 5:30pm on June 5th at Memorial Hall.
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Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization and development. For a complete overview of MEDC, go to www.MarlboroughEDC.com.