Report Portland Office Rents Return To Prerecession Levels

Dated: May 5 2014

Views: 419

Growing demand for Portland office space is being unanswered by new supply.As a result, the combination is driving down vacancy rates and driving asking rents up to pre-recession levels, according to Colliers International's latest industry report. The group's first quarter report on the state of Portland’s 78.6 million square foot office market found an imbalance between supply and demand that's bringing rates last seen in 2006 and 2007, before the economy crashed.The area vacancy rate stood at 9.6 percent at the end of the first quarter. Colliers said the gap between the rents landlords seek and the ones they get has all but disappeared, as have offers of free rent and other concessions that typically accompany a slow market. The average asking rent for the market is $20.68 per square foot, with Class A space in downtown commanding $25.15 per square foot. The first quarter was one of the most dynamic on record thanks to a series of leases signed by tech companies, including Puppet Labs, Jama Software and Airbnb. m
Source:
Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

Will We Have A Buyers Housing Market In 2021

If you’re looking to buy a home, you’ll stand the best chance in a buyer’s housing market, where listings are flush, demand is low and buyers have the upper hand — not to mention most of the

Read More

What To Budget For Closing Costs When Buying A House

Are you considering purchasing a home for the first time? Then you’re probably already saving money for your down payment. But what about all the other costs needed to complete the transaction?

Read More

Organize Your Home In A Month In Less Than An Hour A Day

A super-easy plan for getting organized without adding to your home-is-school, home-is-work, home-is-everything time burden.Did you ever notice that your self-improvement pacts with yourself are

Read More

5 Tasks Every Homeowner Should Do In January

Start looking for that contractor NOW if you want your project done by summer’s end.Whew. The holidays are done. The new year has rung in.That's when smart homeowners know it's time to do these

Read More