Providence Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $30.88 2023 Avg. Asking Rent
  • 17.13% 2023 Office Vacancy Rate
  • $12M2023 Total Office Sales
  • $117.95Avg. Sale Price/SF

Providence office price per square foot in 2023 was $30.88 on average. The local office market recorded an average vacancy rate of 17.13% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $12M. Providence office space commanded an average sale price per square foot of $117.95.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Providence Class A & A+ Office Space$33.71
  • Providence Class B Office Space$25.97
  • Rhode Island Class A & A+ Office Space$32.03
  • Rhode Island Class B Office Space$21.19
  • Rhode Island Class C Office Space$26.05

Providence, RI Office Asking Rents by Class

2023 Office Vacancy Rates in Providence

Submarket Asking Rents Vacancy Rates
Downtown $33.74 10.31%
Greater Providence $28.35 27.30%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Providence market was 17.13% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Providence was 10.31% in the Downtown submarket, while the highest office vacancy in the market was 27.30%, recorded in Greater Providence.

Office Spaces for Rent in Rhode Island

Providence Office Sale Price per SF

  • $117.952023 Avg. Price per SF
  • 47.41%Y-o-Y Avg. PpSF Change
  • $12M2023 Office Sales Volume
  • 32023 Number of Transactions

Providence, RI Sale Price per SF Trend

  • Providence Avg. Sale Price per SF in 2023$117.95
  • Rhode Island Avg. Sale Price per SF in 2023$120.89
Providence office space cost in 2023 marked a +47.41% change compared to the previous year. The sale price for office space in Providence averaged $117.95 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Rhode Island average office sale price during the same time period was $120.89 per square foot.

2023 Office Sales Volume

  • Providence, RI Total Office Sales Volume in 2023 $12M
  • Providence, RI Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Providence office market in 2023, adding up to a yearly sales volume of $12M. Notably, the largest transaction on the market saw 70 Royal Little Drive change hands for $6,500,000 on 4/11/2023.
Data provided by Commercial Edge

Coworking Spaces in Rhode Island

2023 Office Construction in Providence, RI

  • Providence, RI Total SF completed in 2023 34,000
  • Providence, RI Total SF under construction in 2024 71,053

During 2023, 34,000 square feet of new office space were delivered across the market. At the close of 2023, the Providence office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 34,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 71,053 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Providence
Office building Address SF Completed
Blue Cross Blue Shield Headquarters 500 Exchange Street, 02903 325,087 2009
The ALCO Campus - Buildings 58 & 61 317 Iron Horse Way, 02908 66,000 2008
IGT Center 10 Memorial Blvd, 02903 249,096 2006
2/3 Davol 3 Davol Square, 02903 80,000 2001
The Foundry - The Manchester Building 297 Promenade Street, 02908 79,542 1999
The Foundry - Shipping Building 50 Holden Street, 02908 46,029 1999
One Citizens Plaza 1 Citizens Plaza, 02903 224,100 1990
The East Office Building 56 Exchange Terrace , 02903 37,500 1987
251 Wickenden Street 251 Wickenden Street, 02903 4,568 1985
One State Street 1 State Street, 02908 36,000 1984

Worth noting among recent office completions on the Providence market is Blue Cross Blue Shield Headquarters, which is currently the largest new office development in the city, at 325,087 square feet.

Data provided by Commercial Edge

See reports for other 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.