2024 Office Space Rent & Sales
- $29.80 2024 Avg. Asking Rent
- -3.86% Y-o-Y Avg. Asking Rent Change
- 20.72% 2024 Office Vacancy Rate
Providence office price per square foot in 2024 was $29.80 on average. This marked a -3.86% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.72% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Providence Class A & A+ Office Space$33.51
- Providence Class B Office Space$24.05
- Rhode Island Class A & A+ Office Space$32.80
- Rhode Island Class B Office Space$19.59
- Rhode Island Class C Office Space$12.50
Providence, RI Office Asking Rents by Class
2024 Office Vacancy Rates in Providence
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Downtown | $32.35 | 21.69% |
| Greater Providence | $25.22 | 19.55% |
Office Spaces for Rent in Rhode Island
- Boston Office Space
- Providence Office Space
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- Framingham Office Space
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- East Greenwich Office Space
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- East Providence Office Space
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- Newport East Office Space
Coworking Spaces in Rhode Island
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2024 Office Construction in Providence, RI
- Providence, RI Total SF under construction in 2025 212,000
| Office building | Address | SF | Completed |
|---|---|---|---|
| Blue Cross Blue Shield Headquarters | 500 Exchange Street, 02903 | 325,087 | 2009 |
| IGT Center | 10 Memorial Blvd, 02903 | 249,096 | 2006 |
| One Citizens Plaza | 1 Citizens Plaza, 02903 | 224,100 | 1990 |
| 99 Wayland Avenue | 99 Wayland Avenue, 02906 | 8,638 | 1990 |
| 15 LaSalle Square | 15 LaSalle Square, 02903 | 136,000 | 1987 |
| The East Office Building | 56 Exchange Terrace , 02903 | 37,500 | 1987 |
| 100 Westminster | 100 Westminster Street, 02903 | 365,000 | 1985 |
| 356 Waterman St | 356 Waterman St, 02906 | 12,595 | 1984 |
| Elmhurst Professional Building | 1075 Smith St, 02908 | 10,017 | 1984 |
| 10 Charles Street | 10 Charles Street, 02903 | 72,552 | 1978 |
Worth noting among recent office completions on the Providence market is Blue Cross Blue Shield Headquarters, which is currently the largest new office development in the city, at 325,087 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Providence commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.