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Portland closes out 2018 with new space and tightening markets
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SUMMARY
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Office
- Due to a strong amount of preleased space, absorption for both suburban and downtown markets remained positive with 371,903 sq. ft. This brought the year-end total for the Portland market to 1,073,533 sq. ft.
- New development coupled with demand for prime space pushed average asking lease rates up by a year-over-year 9.4%. Average asking lease rates increased 1.0% compared to last quarter, ending Q4 2018 at $30.27 per sq. ft., full service gross.
- Portland office currently has 574,000 sq. ft. of space under development with the bulk of these projects located in Downtown and Eastside.
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Industrial
- The Portland industrial market continues to compress with a total of 4.3 million sq. ft. of new construction completed in 2018 yet little to no growth in the vacancy rate.
- The markets which led leasing activity for Q4 2018 were Northwest and Southeast with a combined absorption of over 333,000 sq. ft. The Clark County submarket recorded the largest decrease in vacancy shrinking by 60 bps followed by Southeast with 50 bps, and Northeast with 40 bps.
- Portland industrial concluded Q4 2018 with 626,481 sq. ft. of positive net absorption and was almost equally spread throughout all other major submarkets.
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