RI Market Analysis

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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