CBRE: Portland Industrial Demand Remains Strong in Q3
A new report from CBRE indicates that the Portland, OR Industrial market enjoyed another solid quarter, while the office sector continues to struggle. The industrial market posted nearly 1.4 million square feet of positive net absorption in Q3, and now stands at approximately 4.1 million year to date.
Three industrial leases over 200,000 square feet were signed, while the vacancy rate dropped 70 basis points annually to 2.8% in the third quarter. There is 3.1 million square feet of new development underway, and three projects totaling 1 million square feet were delivered in Q3, with 87% pre-leased.
Meanwhile, Portland’s office vacancy rate grew to 20.8%, a 230-basis-point increase year-over-year, while sublease availability increased to 1.8 million square feet, a sizable 42% increase from Q3 2021. Asking rental rates continue to climb, with Downtown Portland increasing 1% from Q2, currently at $34.68 per square foot FSG.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!