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Boulos’ Annual Greater Portland Market Outlook Dives Deep into the Stats
Despite a 2020 plagued by uncertainty and change, the Greater Portland office market proved surprisingly strong and, while demand has stayed moderately low, vacancy rates were kept in check in 2021, according to the 36-page 2022 Greater Portland Market Outlook report from The Boulos Company.
As of December 1, 2021, the direct vacancy rate fell to 6.73% across the entire Greater Portland market. This is down slightly from 6.97% in 2020 and shows that, despite the ongoing pandemic and reevaluation of the office space, there was not much movement in the direct rate.
However, what was anticipated was a continued increase in sublease space being offered. This rate increased from 1.73% in 2020 to 2.70% in 2021 with 125,000 square feet of sublease space added over the previous year. This increase in the sublease rate pushed the total vacancy rate to 9.42% in 2021, an increase from a total rate of 8.70% in 2020.
- ◦Economy
