2020 Office Space Rent & Sales
- $26.87 2020 Avg. Asking Rent
- 6.89% 2020 Office Vacancy Rate
Providence office price per square foot in 2020 was $26.87 on average. The local office market recorded an average vacancy rate of 6.89% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Providence Class A Office Space$30.21
- Providence Class B Office Space$24.84
- Rhode Island Class A Office Space$27.50
- Rhode Island Class B Office Space$22.67
Providence, RI Office Asking Rents by Class
2020 Office Construction in Providence, RI
- Providence, RI Total Sqft completed in 2020
- Providence, RI Total Sqft under construction in 2021 70,037
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Providence office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 70,037 square feet of office space to the market, before year-end.
|66 Branch Avenue - Office Buildings||66 Branch Avenue, 02904||73,053||2021|
|Point225||225 Dyer Street, 02903||196,000||2019|
|200 Corliss Street||200 Corliss Street, 02904||57,330||2019|
|South Street Landing||350 Eddy Street, 02903||269,000||2017|
|West Exchange Center - One Cedar Street||1 Cedar Street, 02903||50,000||2016|
|1 Virginia Avenue||1 Virginia Avenue, 02905||35,932||2014|
|PCHC at Prairie Avenue||355 Prairie Avenue, 02905||95,200||2013|
|Blue Cross Blue Shield Headquarters||500 Exchange Street, 02903||325,087||2009|
|717 Allens Avenue||717 Allens Avenue, 02905||44,810||2009|
|17 Virginia Avenue||17 Virginia Avenue, 02905||32,500||2009|
Worth noting among recent office completions on the Providence market is 66 Branch Avenue - Office Buildings, which is currently the largest new office development in the city, at 73,053 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.