In the News

A new study says Greater Newport has a critical shortage of commercial and flex space to meet projected demand.

The study commissioned by the Greater Newport Chamber of Commerce says the market already has limited inventory. Industrial availability is 2.74% in Newport County and 2.41% in Bristol County, compared with what the report describes as a healthy market range of about 6% to 7%. Office availability is 5.98% in Newport County and 2.37% in Bristol County.

And Greater Newport could need nearly 1.5 million square feet of new commercial and flex space over the next decade to accommodate projected job growth, according to the study.

If more space is not created, companies may look to expand elsewhere, according to the report by Fourth Economy Consulting.

The report recommends strategies to increase the supply of commercial space, including converting underused properties into flex and light manufacturing facilities.

It also recommends zoning changes, greater regional cooperation, exploring tax credits and multijurisdictional financing.