PROVIDENCE -- A survey of office space in Providence last year has found a dramatic increase in vacancy rates over 2007.
The survey conducted by Hayes & Sherry Real Estate Services, of Providence, showed that vacancy rates increased from 9.23 percent in 2007 to 12.72 percent in 2008 for Class A office space at the top of the market and more substantially from 7.48 percent to 17.31 percent for Class B office space in the middle of the market.
The increases in the rates are driven by a combination of new space becoming available and existing space being vacated.
Karl Sherry, a partner in Hayes & Sherry, said this morning that he doesn't expect a turnaround for the commercial real estate market in Providence any time soon.
"I think it's going to be a couple years before we get back into some net absorption numbers in Providence," he said.