Portland Office Market
In the third quarter of 2024, net absorption totaled negative 282,340 SF, with the majority of vacant space coming from Class B and Class C assets concentrated in the urban core. Vacancy rates rose by 50 basis points during Q3, reaching 22.6% market-wide. The Close-In Northwest submarket continued to be the most impacted in Portland, posting another quarter of negative absorption and hitting a vacancy rate of 36.2% across all asset classes.
Download Portland Office Market Report 3Q24Portland Industrial Market
Absorption in the third quarter of 2024 totaled 124,507 SF, with positive absorption primarily in the Clark County submarket, driven by several large-block leases in Vancouver, Washington. Vacancy for industrial assets increased slightly to 5.2% as space continues to flood the market. Average asking rents reached $10.32/SF, down slightly from $10.36/SF in the second quarter. Leasing activity surged in the third quarter of 2024, with total volume up 35.3% quarter-over-quarter, concentrated in high-quality, well-located warehouse and distribution properties.
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