Portland Office Market
| Average Asking Rent (Price/SF) | $31.59 |
| Vacancy Rate (%) | 17.9% |
| Net Absorption (SF) | -259,829 |
The Portland office market notched its third consecutive quarter of negative absorption with 259,829 square feet vacated across the greater metropolitan area. A strong labor market continues to have little impact on real estate trends as the largest areas of negative absorption were in the Central Business District, Lloyd District and the 217 Corridor/Beaverton submarkets, areas which have historically been focal points for the office market. Companies across many sectors are right-sizing amidst a tumultuous period of economic conditions. This has exacerbated the lack of activity already seen to start the year. Market-wide vacancy saw a 30-basis-point uptick this quarter, a number that can be heavily attributed to companies moving away from the CBD, which posted negative 310,993 square feet of absorption in the third quarter of 2022.
Download Portland Office Market Report 3Q22Portland Industrial Market
| Average Asking Rent (Price/SF) | $0.93 |
| Vacancy Rate (%) | 3.1% |
| Net Absorption (SF) | 882,822 |
Demand continues to outpace viable supply for large users across the market. Near record low inventory has driven a sharp increase in market rates, which increased from $0.85/SF to $0.93/SF in the second quarter of 2022. Vacancy numbers market-wide reached 3.1%, which marks the lowest number since the beginning of the pandemic, and a 320-basis-point decrease in available space since the third quarter of 2020. Absorption was 882,822 square feet for the quarter, bringing the year-to-date total net absorption to 4,072,296 square feet.
Download Portland Industrial Market 3Q22