Q4 2019 - Portland Office Market Report

The Portland metro office market experienced a slight decrease in vacancy with (0.2%) change over a 12-month period. However, leasing activity has been on a steady decline, with only 4M SF leased in 2019 compared to 6.5M SF leased in 2017. The decrease in leasing activity is influenced in part by the limited supply, but also may be an early indication of slowing demand. With over 1.7M SF under construction and expected to deliver over the next two years, we will see how strong the correlation between low vacancy and leasing activity is.