CBRE Inc. says the vacancy rate for downtown office space in Providence was 15.85% for the fourth quarter of 2021. That’s the highest rate of vacancy for office properties downtown since year-end 2015.
The downtown Providence office market had a 12.2% vacancy rate in the fourth quarter of 2019, CBRE data shows. That was just before the COVID-19 pandemic, which caused businesses to shift to remote work-from-home arrangements.
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“We’re seeing a trend that is relatively consistent with many other urban centers across the country, where the recovery in the urban office market has lagged behind the recovery in the suburban office market,” Alden Anderson Jr., CBRE senior vice president, told Providence Business News.
Anderson believes remote work will continue to result in decreased use of downtown office spaces in the short term. But he predicts an eventual return to normalcy and traditional use of office space.
