Portland Office Market
| Average Asking Rent (Price/SF) | $31.40 |
| Vacancy Rate (%) | 16.7% |
| Net Absorption (SF) | -553,816 |
Like the rest of the nation, the Portland office market is beginning to see signs of recovery. As COVID-19 cases have dropped and the Oregon population has reached a fully vaccinated rate of 71.8%, the statewide indoor mask requirement was lifted on March 12, 2022. But as companies are working out their office/hybrid strategies, the market experienced a further drop in absorption in the first quarter of 2022, at negative 553,816 square feet, causing overall vacancy to climb to 16.7%. Asking rates dipped slightly as well, to $31.40/SF, although this rate is higher than the year-ago rate. Despite the drop in vacancy, a couple large leases were signed at the beginning of the year, a good sign that some companies still desire a return to the office.
Download Portland Office Market Report 1Q22Portland Industrial Market
| Average Asking Rent (Price/SF) | $0.83 |
| Vacancy Rate (%) | 3.4% |
| Net Absorption (SF) | 765,713 |
Portland started the year with vacancy slightly lower and rates slightly higher for yet another consecutive quarter. Overall vacancy dropped 20 basis points to 3.4%. Absorption was 765,713 square feet, over half of which was due to pre-leased new construction deliveries. Overall rates increased to $0.83/SF, mainly due to an increase in R&D/flex rates from $1.28/SF to $1.32/SF.
Download Portland Industrial Market 1Q22