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While absorption was positive, new deliveries and sublease vacancies kept overall vacancy relatively flat.
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The strong positive absorption in the first quarter follows six consecutive quarters of negative net absorption and can be partly attributed to robust activity within the Food and Beverage sector.
In the industrial capital markets, sales volume remained subdued during the first quarter, largely due to limited activity among core groups. |
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Lease Rates <>
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Two of Portland's 6 submarkets saw rental rate declines in Q1 (Southwest & Southeast).
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Sale Prices v
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Average sale values were approximately $173/SF.
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|
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Vacancy ^
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6.1%
Q1 added 30 bps.
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Construction
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|
Rock Creek Corporate Center in Sherwood and Sandy Logistics Center in NE both delivered in Q1 2025.
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Notable Market Leases
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|
Space Size
|
Tenant
|
Landlord
|
Submarket
|
|---|
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123,335 SF
|
Confidential Tenant
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PacTrust
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Northeast
| |
120,000 SF
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Gourmet Foods
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Heleco Distribution Center
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Southeast
| |
113,000 SF
|
Omni Logistics
|
Clarion
|
Northeast
| |
104,450 SF
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Oregon Electric Group
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Trammell Crow
|
Sunset Corridor
| |
100,000 SF
|
Tilray
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Prologis
|
Northwest
|
|
|
|
Notable Market Sales
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|
Sale Price
|
Property
|
Size
|
Buyer
|
Seller
|
|---|
|
$29,900,000
|
19730 NE Sandy Blvd., Portland
|
279,116SF
|
Building supply company
|
Dermody
| |
$25,000,000
|
14303 NE 63rd St., Vancouver
|
160,086 SF
|
Odom Corporation
|
Craig Stein Beverage
| |
$9,620,000
|
5585 NE Wagon Dr., Hillsboro
|
51,420 SF
|
Palisade Group
|
Robert Roth
| |
$9,300,000
|
Tualatin Industrial Park
|
51,362 SF
|
Far West Recycling
|
Roberta Raymond
| |
$5,756,590
|
20525 SW Cipole Rd., Tualatin
|
35,310 SF
|
Lightworks Electric Company
|
Gary Thorn
|
|
|
|
Featured Team Listings
|
 |
|
Rivergate Corporate Center
|
|
15750 N Columbia Blvd.
Portland, OR 97203
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| |
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 |
|
Vancouver, WA
|
3204 NW 38th Circle
Vancouver, WA 98660 |
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| |
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|
Blue Lake Corporate Park
|
19750 NE Riverside Pkwy
Portland, OR 97230 |
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Active Tenant Space Requirements
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Northeast/Northwest Portland |
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New Construction Tracker
|
|
As of First Quarter 2025
|
|
 | |
|
Submarket
|
Under Const
|
Delivered YTD
|
|---|
|
CLARK CO
|
1,104,460
|
0
| |
NORTHEAST
|
0
|
762,780
| |
SOUTHEAST
|
-
|
-
| |
SOUTHWEST
|
442,035
|
407,263
| |
SUNSET
|
389,101
|
201,750
| |
NORTHWEST
|
-
|
-
| |
TOTALS
|
1,935,596
|
1,398,848
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