Providence, Rhode Island, is a city that boasts a rich history, cultural attractions, and a diverse economy, making it an ideal location for restaurants. With its strategic location at the mouth of the Providence River, the city has developed into a busy hub, attracting visitors and locals alike. The presence of institutions like Brown University, Johnson & Wales University, and Rhode Island College ensures a steady flow of students and faculty, creating a demand for restaurants that cater to diverse tastes. Additionally, the city's strong arts community, featuring events like WaterFire, and its vibrant neighborhoods, such as the East Side and Federal Hill, make it an attractive location for restaurants looking to capitalize on the city's energy. With 14 restaurants for lease, Providence offers a range of opportunities for entrepreneurs and restaurateurs to establish themselves in this thriving city.
Restaurants in Providence benefit from the city's unique blend of history, culture, and entertainment. With nearby attractions like Waterplace Park and the Riverwalk, Roger Williams Park, and the Providence Performing Arts Center, restaurants can capitalize on the foot traffic generated by these popular destinations. In addition to restaurants, Providence also offers a range of other commercial properties, including 14 retail spaces, commercial real estate, and flex spaces, providing entrepreneurs with a variety of options to suit their business needs. With average annual rent per square foot at $28 USD and average space sizes ranging from 651 to 5,000 square feet, Providence offers a competitive market for restaurants and other businesses. Overall, Providence's unique blend of history, culture, and entertainment makes it an attractive location for restaurants and other businesses looking to establish themselves in a thriving city.
How are restaurant leases typically structured?
In Providence, restaurant leases are typically structured to accommodate the unique needs of food service establishments, with average annual rent per square foot ranging from $28 USD and average space sizes of 2,855 square feet, with maximum space sizes reaching up to 5,000 square feet.
Lease terms often include a combination of base rent, triple net (NNN) fees, and percentage rent, with lease durations typically ranging from 5 to 10 years, allowing restaurateurs to establish a strong presence in the city's diverse neighborhoods, such as the East Side, Jewelry District, or Federal Hill.
What kitchen equipment is usually included in restaurant leases?
When searching for a restaurant lease in Providence, you'll typically find that the kitchen equipment included varies from property to property. However, common items you might expect to find in a restaurant lease in Providence include commercial-grade refrigerators, freezers, ovens, stoves, dishwashers, and sinks, which can help you get your business up and running quickly.
