Portland Office Market
Net absorption totaled negative 278,145 SF in the first quarter of 2025, with the majority of losses concentrated in the Central Business District (CBD). Office market vacancy rose by 70 basis points during the fourth quarter, reaching 23.8% market-wide. Overall asking rents across Portland averaged $31.41/SF Full-Service Gross, reflecting a 40-basis point increase from the fourth quarter of 2024. The Sunset Corridor experienced a notably weak quarter, posting negative 108,983 SF of absorption and a submarket vacancy rate of 23.5%.
Download Portland Office Market Report 1Q25Portland Industrial Market
Fourth-quarter absorption recorded negative 512,859 SF, driven primarily by negative absorption in the Milwaukie/Clackamas and 217 Corridor/Beaverton submarkets. Year-to-date net absorption reached 420,194 SF. Vacancy rates rose by 20 basis points to 5.4%, as large blocks of space near the urban core outpaced leasing velocity. Meanwhile, average asking rents edged up slightly to $10.37/SF but remain 2.5% lower compared to the previous year. Leasing activity slowed significantly in the fourth quarter, with total volume declining by 27.5% quarter-over-quarter as market conditions weakened across many Portland-area submarkets.
Download Portland Industrial Market 4Q24