Paul Harrison serves as president-elect of the Rhode Island Commercial and Appraisal Board of Realtors, and he heads up the organization’s Government Affairs Committee. Harrison is a sales associate for Abbott Properties LLC, which has offices in Warwick, Narragansett and Worcester, Mass., providing residential, commercial and business brokerage services throughout Rhode Island and Massachusetts. Harrison works with residential builders and developers throughout Rhode Island. He also previously served as director of RICABOR for three years.
PBN: What's your perspective on the Rhode Island commercial real estate market right now? What's the level of sales and price activity we're seeing this year, especially compared to past times?
HARRISON: We are fortunate not to be in a large metro area, where vacancy rates are low. And as a secondary market to Boston, Rhode Island is well-positioned and priced.
The level of sales and prices is similar to last year. Light industrial is strong and industrial is in demand. Retail is maintaining. And office space is available. But I do see the price per square footage starting to decline with a push for redevelopment or repurposing of office space.
PBN: Is there any segment or type of commercial real estate that is in particular demand right now? Noticing any patterns?
HARRISON: Light industrial is in demand right now, especially garage condo units that a contractor would use, and warehousing is still appealing. Commercial/industrial/residential land is sought after. New zoning will help streamline the process. As for patterns, I still see it the same except for office space, which is declining in value.
PBN: You are now the president-elect of the Rhode Island Commercial and Appraisal Board of Realtors, in addition to your role at Abbott Properties. What is the Rhode Island Commercial and Appraisal Board of Realtors, and what does it do?
HARRISON: RICABOR is about education, networking and communication. We keep up on new laws being introduced through government affairs. We are involved with volunteering through our community outreach program. We also support the code of ethics, fair housing, and diversity, equity and inclusion. We also keep all of the members updated with what is taking place with the National Association of Realtors.
PBN: So what will your role be like as president of the board? What will that entail, what are your challenges and what are your goals there?
HARRISON: My role will be to lead the board into the new year and navigate the challenges that we will face. The ever-changing landscape of retrofitting available commercial space to fit the current demand, monitoring the R.I. Department of Business Regulation for potential changes in handling independent contractor status.
Our board and I continue to be fortunate to have current and past leadership professionals to depend on for advice and counsel. Some of my goals are to educate, grow our membership and have the next generation step into leadership roles at the Rhode Island Commercial and Appraisal Board of Realtors.
PBN: What's your advice for business owners out there that are looking for commercial space in Rhode Island to establish their base of operations or relocate it?
HARRISON: The Rhode Island government is moving toward helping businesses by releasing money for new housing projects across the state, trimming income taxes for small businesses, reducing the corporate income tax, and eliminating some of the burdensome licensing and filing fees.
Our commercial real estate prices are lower than most surrounding states and the government is pushing for more business-friendly legislation. With that said, Rhode Island definitely has something to offer businesses to establish themselves here.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
