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Cisco Subleases 448,000-SF

CHELMSFORD, MA-Cisco Systems Inc. puts another 448,000-sf of space on the market as part of preparations for its move to the campus it is developing in Boxborough. An industry expert tells GlobeSt.com that the move has been anticipated by the local real estate community.

By Naomi Grossman | Updated on June 03, 2002

CHELMSFORD, MA-Cisco Systems Inc. is returning another 448,000-sf of space to the market. The overall suburban market ended the first quarter of this year with a vacancy rate of 11.4% for direct space and 19.5% when sublease space is included, according to Meredith & Grew, but a local industry expert tells GlobeSt.com that this move by Cisco was anticipated for a while and is not creating the panic those kinds of numbers normally would.

Cisco currently leases over 700,000 sf of space in this town and in Lowell. The San Francisco, California-based networking giant is in the process of developing a campus in Boxborough and according to Mojgan Khalili, a spokesperson for the company, the company is starting to put some of its space on the market as “part of our consolidation efforts” to move to the new campus.

The campus was the subject of much speculation because Cisco put the project on hold last year but Khalili says the company is now building three buildings for a total of 450,000 sf of space and has permits to build another 450,000 sf on the site.

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