Tim Cummings, executive director of the Marlborough Economic Development Corporation, said one way the communities band together is by advocating for improvements to infrastructure, such as the major highways in the area.
“Essentially, it’s about understanding that when you increase the wealth of a region, all the other communities benefit from it in some way,” Cummings said.
Garry Holmes, president of a commercial real estate brokerage in Wayland, R.W. Holmes Realty Co., said Marlborough had been “devastated” by the recession. Until recently, vacancies for office space hovered around 34 percent — far above the 10 to 12 percent considered healthy, he said.
“One in three buildings were empty,” Holmes said. “That’s a pretty scary statistic.”
Now, Holmes said, the vacancy rate is down to around 27.5 percent, and he expects it to continue to drop. What’s more, he expects the impending development in Marlborough to be good for existing local businesses, and to spur more development throughout the region.
“What that does to all the surrounding hotels, restaurants, the residential market — it’s just going to have such a profound impact,” Holmes said. “More importantly, they’re not going to be deals that make any big headlines, but you’re going to see a lot of the contractors that these companies do work with . . . start to backfill office and industrial buildings.
“I think it’s great news for that area,” he added. “The trend that you’re seeing, a lot of that momentum is going to continue through this year.”
Calvin Hennick can be reached at email@example.com.