REBusinessOnline

Rhode Island — The Land of Hotels, Schools and Medical Properties

Thus far in 2019, much of the growth and development in Rhode Island has been focused on downtown Providence. Much of this has to do with the colleges and hospitals, as well as the residential component in general. But Rhode Island continues to develop hotels, especially in downtown, due in part simply to having a vibrant, in-demand city. Officials want to create the ability for Providence to compete for and attract top-tier conventions. [caption id="attachment_228950" align="alignright" …

Providence Retail Presents Signs of a Strengthening Economy

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant …

Rhode Island’s Office Sector No Longer Tenant’s Market

The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. …

The Changing Face of the Providence, Rhode Island Industrial Market

The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held …

Rhode Island Office Market Sees Positives, Despite Shadow of Superman Building

[caption id="attachment_155734" align="alignright" width="100"] Leeds Mitchell IV, MG Commercial[/caption] Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office …

Rhode Island Office Market Remains Steady

[caption id="attachment_135223" align="alignright" width="100"] Leeds Mitchell IV, MG Commercial[/caption] In Providence, the Class A office market continues to maintain vacancy rates under 10 percent, with an overall office vacancy of about 14 percent. This trend should continue as there is not any new Class A office development on the horizon for the capital city. There have been a few larger market transactions in Providence over the past 12 months. Waldorf Capital Management, a local …

Rhode Island Retail Continues to Show an Upswing in Leasing Momentum

[caption id="attachment_135196" align="alignright" width="100"] Jed Hayes, SullivanHayes Northeast[/caption] Rhode Island’s retail market continues to improve, although not to the point that new ground-up major projects are feasible. There is considerable activity with retailers expanding and absorbing the existing supply of retail space. In the past few years, a lot of the activity has focused on absorbing the mid-size boxes that went dark after the start of the recession, due to the …

Despite Lagging Job Growth, Retail Projects Underway in Rhode Island

Rhode Island’s economy continues to struggle with unemployment that is above the national average. As a result, it has been difficult to get new ground-up development projects started with only a few exceptions. In Johnston, Saletin Real Estate Group has completed construction on the first phase of Johnston Towne Center on Hartford Avenue. The 95,000-square-foot shopping center is anchored by a 40,000-square-foot Price-Rite grocery store. BankRI has also opened a new free-standing …

Rhode Island Office Market Stabilizes, Sees New Development

In Providence, the Class A office market has stabilized, thanks to a number of large lease renewals last year as well as new activity in the market. The current vacancy rate for Class A office product is now under 9 percent in the Capital City with an overall office vacancy rate of 14 percent, which represents a decrease of 100 basis points compared to this same point last year. Consequently, this activity has pushed rental rates for Class A space back over $30 per square foot on new deals. …

Rhode Island Office Market Stabilized, Awaits Job Growth

In Providence, R.I., the the Class A office market has stabilized. GTECH Center has been successful in leasing up just about all of its available space to four or five tenants. Consequently, The GTECH Building sold for more than $50 million prior to the end of 2012. In addition, the new Blue Cross tower was successful in leasing 10,000 square feet of available space with plenty of continued interest for additional floors from prospects. Also, Bank of America’s move from its former …

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