Image courtesy Boxborough assessors

The new owners of the former CISCO Systems regional headquarters campus in Boxborough have hired brokerage Newmark to study alternative uses to maximize its future development potential.

Braintree-based Campanelli bought the 110-acre property in June for $10.3 million. The campus spans portions of the towns of Boxborough and Harvard, and includes three office buildings totaling 410,000 square feet and another 1 million square feet of potential development, according to Newmark.

“We have asked Newmark to pursue uses for the existing buildings and investigate all segments of the market for the future developments,” Campanelli Partner Russell Dion said in a statement.

Rebranded as The Park at Beaver Brook, the property would be Campanelli’s 16th business park in Massachusetts.

Dwindling industrial vacancies are spurring redevelopment of suburban office campuses to house life science facilities and distribution centers for Amazon and retail chains. The industrial vacancy rate in Greater Boston dropped to 4.5 percent in the third quarter, a decline from 5.8 percent 12 months earlier, according to Newmark research.

Amazon is constructing a 3.6 million-square-foot distribution center at the former Lucent Technologies campus in North Andover. Northbridge Properties demolished office buildings at 151 and 153 Taylor St. in Littleton for a recently-opened Amazon last-mile delivery station, according to Newmark’s third-quarter industrial report.

The Davis Cos. is developing a distribution center at the former Mercury Systems headquarters near Route 3 in Chelmsford, while Calare Properties announced in August it will demolish the 120,000-square-foot office building at 50 Nagog Park in Acton and build 120,000 square feet of industrial flex space.