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EPBOY

PVD Needs Office Space

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There's a really interesing article in the Projo that discusses the need for more jobs and office space in Providence to sustain the growth we hope to achieve.

It's no surprise to me that there's a lack of job growth, but the lack of office space really surprised me. I was under the impression that we had a glut of premium office space, but according to this article:

"Providence has a 9-percent vacancy rate for office space, and it is even lower for premier class A space. The occupancy rate leaves no room to absorb new businesses.

On the other hand, rent has remained stable at an average $20.50 a square foot, or $32.50 a square foot for high-end space.

Seems like we are ripe for some new office developements.

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Our poor schools and our abysmal business tax policies have made us a low interest area among businesses looking to relocate or expand. That explains why though we are very low occupancy, the rents are still low, there's simply no demand. We need to address the tax situation and especially the schools. It doesn't make sense to have high tax rates when there are so few businesses here paying those taxes. Lower the tax rates and uncomplicate the structure and more businesses will come, eventually giving us a net gain in tax revenue, even as we are lowering taxes.

There is no question that people and businesses want to be here, we need to remove the barriers that are keeping them away.

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