On average, listings lease in the $20's per square foot per year. The Downtown Providence region is experiencing a an increase in rates. In the last 3 months, the median rate went up $4 per sqft per year. That's a 18% rise in rent.
Compared to the rest of the Greater Boston market, the Downtown Providence submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 15 listings have been made available, which means spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 20% of the available leases in the Downtown Providence are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 7,360 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this market are close to 6 stories. Most buildings in this region were built in 1972 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. Waste services is the dominant industry in this region. Commute by walking is the most popular way to get to work amongst Downtown Providence residents. Commuting more than an hour and a half a day is the norm for those who opt to reside in this part of town.