Westerly, Rhode Island Commercial Real Estate 1 Listing

Westerly, Rhode Island: A Premier Destination for Commercial Real Estate

Introduction

Westerly, Rhode Island offers a dynamic commercial real estate (CRE) market characterized by its strategic coastal location and diverse economic landscape. As a vibrant town with a population of approximately 22,000, Westerly presents opportunities across various property types, driven by industries such as tourism, manufacturing, and healthcare. Its unique positioning near the Connecticut border and proximity to major northeastern markets enhance its appeal for businesses seeking strategic growth.

Economic and Industry Overview

Westerly's economy thrives on a blend of tourism, manufacturing, and healthcare sectors, creating robust demand for diverse commercial property types such as retail, office, and industrial spaces. The town is part of the broader Southern Rhode Island economic region, which is supported by initiatives from organizations like the Rhode Island Commerce Corporation. This support fosters a business-friendly environment, encouraging investments and development across key industries.

Strategic Location and Transportation Infrastructure

Westerly's strategic location offers exceptional logistical advantages. The town is easily accessible via major highways such as Interstate 95, which connects to major northeastern cities. Westerly State Airport provides regional air service, while the nearby Amtrak station ensures efficient rail connectivity. The town's proximity to the coast also facilitates maritime activities, supported by the Rhode Island Department of Transportation. These transportation assets make Westerly an ideal hub for distribution and access to labor markets.

Commercial Real Estate Inventory & Zoning

Westerly's commercial real estate landscape is diverse, with significant submarkets including the downtown central business district (CBD) and industrial corridors. The town offers a mix of asset classes, including industrial, retail, office, and medical spaces. Recent zoning updates, such as incentives for mixed-use developments, enhance its attractiveness for developers. For more information, access the Westerly zoning map and the parcel viewer.

Major Employers and Institutions

Westerly hosts several major employers that drive commercial real estate demand. Notable institutions include the Westerly Hospital, Washington Trust Company, and the famous Ocean House resort. The presence of these entities, alongside educational institutions, contributes to a stable and growing demand for office and retail spaces. Explore more on the Westerly Economic Development Commission website.

Notable Commercial Developments & Projects

Westerly is witnessing several exciting commercial developments, such as the revitalization of downtown mixed-use properties and the expansion of industrial parks. These projects often involve public-private partnerships and fall within designated Opportunity Zones. For more details, refer to the Westerly Planning Department and their approved site maps.

Building Permits, Planning, and Development Tools

To facilitate development, Westerly provides comprehensive resources for builders and developers:

Market Data & Economic Reports

Westerly offers a wealth of public data sets and economic reports available through platforms like census.gov and the town's open data portal. Brevitas enhances these insights through AI-powered aggregation and invites users to explore Brevitas-powered dashboards for detailed city analysis.