Rhode Island CRE market showing recovery signs

Commercial real estate in Rhode Island is recovering.

Commercial property management companies in Rhode Island may have witnessed an improved year in 2011, but the market still needs further progress, according to a report from Capstone Properties.

The market continued to climb in 2011, as 190 commercial properties were sold during 2011. Specifically, increases were noted in both sales of office and industrial buildings, GoLocalProv.com reported. Despite these gains, the aggregate amount of square footage declined by nearly 30 percent. In addition, aggregate sales value dropped 19 percent.

"Rhode Island tends to lag a bit when coming out of a downturn, but we’ll catch up," Neil Amper, vice president of Capstone Properties noted, according to the news source. "We always do. When you come out of a recession, the survivors pick up business from the people who didn’t survive, and you get a growth spurt in sales."

The northern section of the Ocean State has experienced the largest improvements, the report said. There is only a 5 percent vacancy rate, which was 1 percent below the previous year's figure. In addition, the vacancy rate in Providence declined to 8 percent from the previous figure of 11 percent.

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