PROVIDENCE – Rhode Island’s commercial market has been in the doldrums since the fourth quarter of 2008, but as the first half of 2009 neared an end, there were some signs that transactions should start picking up, according to the recently released Rodman Midyear Report 2009.
“By late April and early May, we have begun to see some signs of renewed interest in leasing and buying,” said the report, which was put out by Providence’s Rodman Real Estate Inc. “This translated to some transactions, but for the most part banks and buyers alike took a wait-and-see attitude, though certain needs were met.”
While the office market didn’t see the “severe price drop that most anticipated,” activity has slowed significantly.
Downtown Providence has been the hardest hit, the report said, and transactions should remain slow for the rest of 2009, “if not into next year as companies continue to vacate downtown in favor of the suburbs.” The report also notes that in the suburban markets, landlords are giving concessions.
“We expect the remainder of 2009 to be a marketplace with opportunities in all sectors and buyers with financing will be able to buy foreclosures and existing properties for prices we have not seen since the late 1980s and early 1990s,” the report says.
Rodman Real Estate Inc. is based in Providence. For additional information, including past Rodman Reports, visit www.rodmanrealestate.com.
