The Rhode Island office market continues to improve from Q12012. In Providence, which experienced a significant decrease in vacancy rates from 19.5% to 16.2%, it is an encouraging sign that leasing activity, although still not robust, remains steady. Two of the more significant developments in the Providence market are the owners of the 310,000 SF, 110 Westminster Street property may be contemplating a residential conversion, and the same is being considered by owners of the 180,000 SF building location at The Foundry. We will be watching those two properties closely as a residential conversion would significantly change the office supply and vacancy rates in the Providence market.
Source : Cushman & Wakefield