Providence, Rhode Island is situated in the north east of the United States and is the smallest state in the US by land area. Providence was one of the first cities to be declared independent of the British rule. The population of Providence now stands at 171,557 with a population growth rate of 2.45 percent. It’s part of the region under the New England territory and gets its name in honor of the land being a gift from God, thus Providence. Providence has re established itself from its industrialization days to one that is concentrating on health care and higher education. With a crime rate of 68 per one thousand residents, it is still a fairly safe neighborhood for its people. You can find current Providence commercial space with us. Our service is free as we represent the tenant and not the landlord which allows us to help negotiate a good lease for our clients monthly, 6 and 12 month rental options.
Providence RI Local Economy and Companies:
While being founded on industries based on metals, silver and jewelry, it is now one of the more established cities in the areas of healthcare, education and finance. Some of the biggest employers in the state include Rhode Island Hospital, Brown University and the US Postal Service. Some large corporations that have incorporated their brand here include Textron and GTECH. One of its famous buildings is the Rhode Island Convention Center which houses the Providence Place Mall which is connected by a skywalk, a must see for anyone visiting the city. If you are considering renting space and want to read more about the area then check our real estate articles page.
Commercial Office Rates and Development:
The city is still developing its shores with plans to expand its current commercial and industrial businesses. It has aligned itself with many incentives for new business ventures to open up their offices here. Given its very high standard of living with quality services and amenities, it has attracted a lot of businesses to the city especially in East Providence. The Providence office vacancy rate is at about 15.12 percent; this rate shot up in the last year due to the nationwide recession trend. Office space rentals are currently averaging at $28 per square foot and this rate is expected to drop further as tenants become more demanding with the current economic situation. Of course rates can vary on executive suites, serviced units, temporary rentals, and shared space.
Providence Real Estate History and News:
Given its colonial beginnings, downtown Providence is still laden with many buildings created with Victorian architectures. Downtown is also known as Downcity and this is where the core of the city’s activities take place such as the economic, political and cultural centers (this might be where you see larger business centers). The separation of the modern township and the older one can be clearly seen at the West Exchange Street and Exchange Terrace. The areas with the now modern buildings and condominiums have created many prominent landmarks such as the Providence Place Mall, Westin Hotel & The Residences at the Westin as well as Waterplace condos and the Waterplace Park. The older part of the downtown district is marked by Bank of America Building which used to be the Industrial Trust Tower. The Textron Tower is also a prominent landmark in this area. The I 95 clearly separates the city from its business center and its residential areas.
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