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PORTLAND MARKETFLASH
Portland recovery exceeds national average
MARCH 25, 2021
The rebound of Portland’s economic and public health is tracking ahead of the national average by several metrics. With the vaccination rollout and maintained physical distancing, Portland metro’s COVID-19 cases fell to 5.6 per 100,000 people—less than one-third of the national rate measured in March 2021 (Figure 1). This decrease in COVID-19 cases has sparked an uptick in business activity, seen in job postings in Portland outpacing national figures, climbing to 21% above the metro’s January 2020 total (Figure 2). Though real estate fundamentals continue to lag these indicators, an uptick in hiring and rebound in business activity is likely to accelerate demand across all product types as business conditions normalize.
Figure 1: New COVID-19 Cases per 100,000 Resident
Source: Opportunity Insights, CBRE Research 2021.
Figure 2: Active Job Postings compared to January 2020
Note: Values reflect a monthly rolling average of weekly job postings compared with pre-pandemic levels as measured in January 2020.
Source: Opportunity Insights, CBRE Research 2021.
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