Officials laud news on office market

Local officials are celebrating news that the vacancy rate for commercial office properties in the city dropped last year. According to a real estate research firm, CoStar Group, the vacancy rate was 22 percent , slightly below the average for the Interstate 495 area and 12 percentage points below the city’s figure in 2012. “There is tremendous value” in the city, the Marlborough Economic Development Corporation’s executive director, Tim Cummings, said in an announcement on the company’s findings. “I am pleased to see the private sector realizing this fact, and I hope the trend continues into 2014.”