According to NAR, for the third quarter of 2023, “Demand for office space is stronger than nationwide as this [Providence-Warwick] area has a faster absorption of office space. "A staggering 19.6% of office space in major U.S. cities wasn’t leased as of the fourth quarter, according to Moody’s Analytics, up from 18.8% a year earlier. That is slightly above the previous records of 19.3% set in 1986 and 1991 and the highest number since at least 1979, which is as far back as Moody’s data goes," reports WSJ.com. The data points to much of the blame on the changed workplace caused by COVID and the rise of remote work. The vacancies are making financing very difficult for office building owners.

Source: Wall Street Journal January 08, 2024 14:29 UTC