Q4 2018 - Portland Office Submarket Report

Portland - Overall Market

Portland’s strong economy continues to drive demand in the office market. Portland’s population is still on the rise due to its lower cost of living, compared to the neighboring markets of Seattle/Bellevue and the Bay Area, and high quality of life. This is causing companies located in the area that already have a large presence like Nike, OHSU, Intel and Adidas to continue expanding their campuses. New supply reached a cycle peak in 2018, with 2 million SF delivered, but this includes build-to-suit spaces for the expansions mentioned above and therefore has only moderately affected vacancy rates.