Commercial Real Estate Market in Cranston, RI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
128 active listings and 1,902 off-market properties in Cranston, RI. Commercial property asks $194/SF to buy and $18.44/SF/Yr to lease.
Market Trends
Cranston, RI spans 31.4 square miles in Providence County, Rhode Island. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Cranston, RI asks $163/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Retail
Retail space in Cranston, RI asks $177/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Cranston, RI runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Cranston, RI asks $203/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 74.9%
- Open space 9.7%
- Commercial 4.8%
- Planned_development 0.8%
- Civic 0.1%
Largest Zones share of zoned land by district
Single Family Dwelling
Single Family Dwelling
Single Family Dwelling
Single Family Dwelling
Open Space
Cranston, RI zones 15,765 acres across 18 districts. Commercial zoning covers 4.8% of zoned land, residential 74.9% and open space 9.7%. The largest single district is Single Family Dwelling at 30%. For commercial buyers the practical constraint is that only 4.8% of land carries a commercial or industrial designation.
Single Family Dwelling (A20)
The intent of this district is to provide Single-family dwellings on lots of minimum areas of 20,000 square feet.
Market overview
Demographics & Economy
Cranston, RI has 128,265 residents in 51,029 households. Density runs 4,090 people per square mile. Median household income here is $74,381 and median gross rent $1,241 a month.
128,265
Population
51,029
Households
2.5
Avg Household Size
38
Median Age
30%
College-Educated
84%
High-School Grad
31.4 sq mi
ZIP Area
4,090
Density / Sq Mi
$74,381
Median Household Income
$45,495
Median Earnings
$1,241
Median Rent
$340,296
Median Home Value
Tools
Lease vs Buy Breakeven
At $18.44/SF/Yr lease vs $194/SF buy → buying wins if held > 1.5 years.
The comparison uses county-wide sale comps against Cranston asking rents, so the implied 9.5% gross yield is computed off asking rents rather than a closed-deal cap-rate benchmark. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Scituate | $194 (county avg) | $16.67 |
| Johnston | $194 (county avg) | $33.12 |
| North Providence | $194 (county avg) | $30.61 |
| Smithfield | $194 (county avg) | $17.42 |
Commercial property in Cranston, RI asks $194/SF. The 4 bordering markets run from $194/SF in Scituate to $194/SF in Scituate, and the city sits in line with their $194/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Cranston?
Commercial property in Cranston, RI asks an average of $194 per square foot. The 7 most recent recorded sales traded at a median of $137/SF, so asking sits 42% above the achieved median. Multifamily carries the highest asking price at $203/SF.
How much does it cost to lease commercial space in Cranston?
Asking lease rates in Cranston, RI average $18.44 per square foot per year.
Is it cheaper to lease or buy commercial space in Cranston?
Buying beats leasing in Cranston, RI if the property is held longer than 1.5 years, comparing $18.44/SF/Yr asking rent with $194/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does Cranston compare to nearby markets on price?
Cranston, RI asks $194/SF against $194/SF in Scituate, $194/SF in Johnston, $194/SF in North Providence and $194/SF in Smithfield.
What zoning applies to commercial property in Cranston?
Cranston, RI zones 15,765 acres across 18 districts, of which 4.8% is commercial and 0% industrial. The largest single district is Single Family Dwelling at 30% of zoned land. Residential zoning covers 74.9% and open space 9.7%.
Where does Realmo's Cranston market data come from?
Realmo compiles Cranston, RI figures from 7 recent recorded sales, 86 active sale listings, 42 active lease listings, 1,902 tracked off-market properties, the current Cranston zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 86 active for-sale and 42 active for-lease listings in Cranston, RI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 15,765 zoned acres across 18 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- the lease-vs-buy comparison mixes county-wide sale comps with city asking rents, office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
