IRR-Providence Mid-Year Viewpoint 2015 Local Market Report - Industrial
The Rhode Island industrial market has stabilized and there was notably more activity in 2015 compared with the past several years. Local companies have taken advantage of comparatively low prices and attractive financing. There is greater demand for smaller spaces and continued absorption is anticipated, seeing as there has been relatively little new construction.
The Deepwater Wind project has the potential to absorb space in the Quonset Business Park, which will also increase demand from potential suppliers in the area. Additionally, solar and biofuel operations have also created some industrial activity.
Overall the market is in a recovery stage and brokers are reporting increasing interest. Development of land made available by reallocation of highways in Providence is spurring development.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.