It has been a long time coming, but the Downtown Providence office market vacancy rate has dropped below 10 percent (with one very large caveat), according to CBRE Inc.’s latest market overview. And that is a milestone worth celebrating.
Brutalized by the Great Recession, the capital city’s commercial real estate market collapsed, with vacancies rising and lease rates falling, a combination that can contribute to the hollowing out of a marketplace.
But today cranes dot the Providence skyline, adding residential, hotel, office and commercial space, and for the first time in a long time, there are brand-new buildings (as opposed to revitalization of existing but outdated stock).
Now to that elephant in the room – the Industrial Trust tower, or the Superman building. Years ago CBRE took its space out of the downtown commercial market, in no small measure because it will require an investment to bring it up to current standards.
So, yes, let us celebrate the good things happening, as long as we remember the unfinished business that one big, empty building represents.