Portland Office Market
| Average Asking Rent (Price/SF) | $30.73 |
| Vacancy Rate (%) | 15.2% |
| Net Absorption (SF) | -903,595 |
For all of Portland, negative 903,595 square feet of absorption was reported for the first quarter. Vacancy has ticked up to 15.2%, an increase from a year ago during the first quarter of 2020, when vacancy stood at 10.5%. No new construction completed this quarter, but the inventory will continue to grow as 760,827 square feet remains under construction between nine different projects. Over the past year, the total office inventory has grown to 61.8 million square feet, an increase of 843,407 square feet, or 1.4% more than the 60.9 million reported in first-quarter 2020.
Download Portland Office Market Report 1Q21Portland Industrial Market
| Average Asking Rent (Price/SF) | $0.77 |
| Vacancy Rate (%) | 5.4% |
| Net Absorption (SF) | 40,819 |
In the first quarter of 2021, the total industrial inventory grew to 225.5 million square feet, a 3.9-million-square-foot increase from the past year. Positive 40,819 square feet of absorption was also reported for the quarter. Despite seeing positive absorption, the vacancy rose to 5.4%, ticking up from 4.9% last quarter due to the completed construction added to the inventory, totaling more than absorption. The overall average asking rent was $0.77/SF, $0.01/SF less than last quarter.