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Portland Market Reports

Portland Office Market

Average Asking Rent (Price/SF) $27.90
Vacancy Rate (%) 10.3%
Net Absorption (SF) 243,120

Portland office tenants absorbed 243,120 square feet of space in the second quarter of 2018. The year has started off on a strong note with two quarters of positive absorption, a trend that has continued since the beginning of 2017. The largest absorption of the quarter occurred in the Central Business District (CBD) submarket, where 127,036 square feet was absorbed. The CBD submarket should continue to drive the market with large leases such as Vacasa and WeWork set to commence there later in the year. The 217 Corridor/Beaverton submarket saw the second-highest absorption, totaling 83,861 square feet, the majority of which came from Fiserv's 65,000-square-foot lease transaction commencing. Overall, leasing activity remained strong with large tenants continuing to circle the market seeking contiguous blocks of space in premier Class A locations.

Portland Industrial Market

Average Asking Rent (Price/SF)            $0.64
Vacancy Rate (%)              4.7%
Net Absorption (SF)       162,966

Construction in Portland's industrial sector remained in the spotlight in the second quarter of 2018, as nearly 2.92 million square feet is currently underway. Forty percent of this space is pre-leased, led by Amazon, which pre-leased 1.78 million square feet. New construction projects, such as The Cubes in Troutdale, an approximately 350,000-square-foot cross dock facility, have already begun surface leveling, with foundation work to take place later in the year. Backed by a strong economy and leasing fundamentals, net absorption was positive for the 12th straight quarter. The market absorbed 162,966 square feet of space in the second quarter, bringing the annual total to 444,261 square feet.

Portland Office Market Report
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Portland Industrial Market Report
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