Q3 2023 - Portland Office Market Report

Well, well, well.....Q3 and summer have come and gone, and what do we have to show for it? Some nice days out of the office, camping trips, some 3+ day weekends, time in the mountains, at the beach, rivers, and lakes with some lines in the water seeing what fish will bite! Oh...that was the personal side of the summer, as for Q2 and the summer for commercial real estate in Portland....much of the same; companies/people out of office, and plenty of lines in the water to see what would bite. In some cases the landlords got bitten the hardest, with a few buildings going into default (Field Office and Commonwealth Building, among others), a couple buildings purchased at significant discounts (American Bank Building and Leland James), and a continued flight to quality (e.g. solid leasing velocity at 11W with JGP Wealth Management, Miller Nash). Some would call this the dog days of summer. As we enter into fall, many in the commercial real estate world are hoping for a new leaf to turn, so let’s keep our heads up, smell the fresh rain on the pavement and enjoy the fall colors before winter is upon us.