Market Overview 2023
Providence (CBD) Office (plus plugs & lights basis)
| Area |
Low |
High |
Vacancy |
| Class A |
$30.00 |
$40.00 |
12.0% |
| Class B |
$20.00 |
$25.00 |
14.0% |
| Class C |
$18.00 |
$22.00 |
15.0% |
Suburban Office (modified gross basis)
| Area |
Low |
High |
Vacancy |
| Class A |
$19.50 |
$25.00 |
12.0% |
| Class B |
$18.00 |
$20.00 |
15.0% |
| Class C |
$10.00 |
$14.00 |
18.0% |
Industrial (non-mill space, NNN basis)
| Area |
Low |
High |
Vacancy |
| Bulk Warehouse |
$4.00 |
$5.00 |
2.0% |
| General Purpose |
$5.00 |
$7.50 |
2.0% |
| Flex Space |
$7.50 |
$10.00 |
2.0% |
Retail (NNN basis)
| Area |
Low |
High |
Vacancy |
| Downtown |
$18.00 |
$38.00 |
3.9% |
| Neighborhood Service Centers |
$8.00 |
$17.00 |
8.8% |
| Community Power Centers |
$10.00 |
$28.00 |
6.8% |
| Regional Malls |
$20.00 |
$50.00 |
8.5% |
Development Land
| Area |
Low |
High |
|
| Downtown Providence |
$30/SF |
$200/SF |
|
| Business Parks |
$80k/ac |
$150k/ac |
|
| Office/ Ind. - Non Park |
$80k/ac |
$200k/ac |
|
| Retail / Comm. |
$100k/ac |
$1.2M/ac |
|
Source: MG Commercial Real Estate Services
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