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Portland Market Reports

Portland Office Market

Average Asking Rent (Price/SF) $30.17
Vacancy Rate (%) 10.2%
Net Absorption (SF)  352,591

Portland's office market metrics show a solid performance in the third quarter of 2019. Net absorption was positive 352,591 square feet, thanks to strong leasing activity from the previous quarters. This absorption helped push vacancy down to 10.2%, the lowest in a year. Although rents for the entire market grew by just 0.1%, rents for Class A space continued to see robust growth, indicating a strong demand for high-end office space. In the past year, Class A rents have increased 8.5%, from $31.47/SF to $34.15/SF. Another indicator of this strong demand is the year-to-date net absorption figure for Class A space alone, which was 405,751 square feet.

Portland Industrial Market

Average Asking Rent (Price/SF)            $0.76
Vacancy Rate (%)              4.1%
Net Absorption (SF)         274,904

Portland's industrial market metrics reported strong growth for the third quarter of 2019. More than 4.7 million square feet of industrial real estate is currently under construction, an increase of 138.6% from 2.0 million square feet last quarter, as nine new projects were added to the construction pipeline. At $0.76/SF, the overall asking rent for the industrial market reached its highest level in the past 10 years, up from $0.72/SF last quarter and $0.68/SF a year ago. Net absorption for the third quarter was also the highest for 2019 at 274,904 square feet. The vacancy ticked up slightly to 4.1%, the result of 544,703 square feet of completed new construction becoming available, which was about double the net absorption. With a strong, diversified economy in Portland, the demand remains high, and this new construction should be absorbed rapidly in the next several quarters.

Portland Office Market Report
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Portland Industrial Market Report
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