Figures show relative strength of Marlborough office market
COURTESY
Quest Diagnostics will house the laboratory outreach businesses it acquired from UMass Memorial Medical Center at this Forest Street property in Marlborough.
The Marlborough Economic Development Corp.(MEDC) touted figures from two firms specializing in commercial real estate that highlight the city’s position as a stronghold for the commercial office market in the Interstate 495 area.
According to commercial real estate research firm CoStar Group’s final 2013 figures, Marlborough’s office vacancy rate fell 12 percentage points year over year in 2013 to 22 percent. This put the city ahead of the wider region, where the vacancy rate was 24.5 percent at the end of 2013, according to commercial real estate firm Colliers International.
The downward trend in office vacancy occurred during a year when dozens of new companies entered Marlborough or announced plans to locate there, according to MEDC, which estimated new development will create roughly $2 million in new tax revenue and hundreds of new jobs. Among them are Natick-based Boston Scientific (BSX), which is in the process of moving its headquarters to Marlborough, and Quest Diagnostics, which is moving its laboratories to Marlborough. Both companies will locate at the former Hewlett-Packard campus.
Marlborough Mayor Arthur Vigeant, in a statement, commended MEDC on its efforts to promote the city as an attractive location for businesses, and attributed Marlborough’s recent economic success to the agency.
“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,” Vigeant said.
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