Providence Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Providence is $30.56 per square foot, 2.54% higher compared to the previous year.
  • The market’s vacancy rate stands at 18.50%, lower than the state average of Rhode Island, which is 22.53%.

2025 Office Space Rent & Sales

  • $30.56 2025 Avg. Asking Rent
  • 2.54% Y-o-Y Avg. Asking Rent Change
  • 18.50% 2025 Office Vacancy Rate

What is the average asking rent price for office space in Providence?

Average asking rents for office space here stand at $30.56 per square foot. The local office market recorded an average vacancy rate of 18.50% in 2025, unchanged from 18.50% in 2024.

Providence, RI Office Asking Rents by Class

What is the average office rent per square foot by property class in Providence?

  • Avg. Asking Rent Class A & A+$33.89
  • Avg. Asking Rent Class B$24.78

What is the average office rent per square foot by property class in RI?

  • Avg. Asking Rent Class A & A+$32.77
  • Avg. Asking Rent Class B$18.18
  • Avg. Asking Rent Class C$12.50

For comparison, the average rent for Class A and A+ office space in Rhode Island was $32.77 per square foot. The state-wide average for Class B space was $18.18 per square foot, and Class C office spaces averaged $12.50 per square foot.

Providence, RI Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Providence was Downtown at 16.32%. Meanwhile, the highest office vacancy rate in the market was 22.12%, recorded in Greater Providence.
Submarket Asking Rents Vacancy Rates
Downtown $32.72 16.32%
Greater Providence $26.20 22.12%
Data provided by Yardi Research

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2025 Office Construction in Providence, RI

  • Providence, RI Total SF completed in 2025 212,000

How much office space was built in Providence in 2025?

212,000 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 212,000 square feet.

What are the largest recent office completions in Providence?

The largest recent office completion here is 100 Westminster at 365,000 square feet, completed in 1985. The next largest completions are Blue Cross Blue Shield Headquarters and IGT Center.

Office building Address SF Completed
The PVD Labs 150 Richmond Street, 02903 212,000 2025
460 Harris Ave 460 Harris Ave, 02909 10,719 2010
460 Harris Ave 460 Harris Ave, 02909 10,719 2010
Blue Cross Blue Shield Headquarters 500 Exchange Street, 02903 325,087 2009
The ALCO Offices 317 Iron Horse Way, 02908 90,000 2008
IGT Center 10 Memorial Blvd, 02903 249,096 2006
100 Westminster 100 Westminster Street, 02903 365,000 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
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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.