Providence Office Rent Price & Sales Report

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%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Providence market was 20.72% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Providence was 19.55% in the Greater Providence submarket, while the highest office vacancy in the market was 21.69%, recorded in Downtown.

Office Spaces for Rent in Rhode Island

Coworking Spaces in Rhode Island

2024 Office Construction in Providence, RI

  • Providence, RI Total SF under construction in 2025 212,000
Largest Office Properties Recently Completed in Providence
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
100 Westminster 100 Westminster Street, 02903 365,000 1985
521 S Main St 1st Floor #115 521 S Main St, 02903 843 1985
One State Street 1 State Street, 02908 36,000 1984
10 Charles Street 10 Charles Street, 02903 72,552 1978
Charles Orms Building 10 Orms Street, 02904 62,096 1978
Summit Medical Building 100 Highland Avenue, 02906 27,180 1976
One Financial Plaza 1 Financial Plaza, 02903 322,284 1974
40 Westminster Street 40 Westminster Street, 02903 266,000 1971

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.

Data provided by Yardi Research

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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 Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.