Year-over-year employment growth has been led by construction, leisure and hospitality, and manufacturing. Portland’s manufacturing workforce has increased 5.0% above prerecession levels. This compares well with the national rate, which remains 5.0% below prerecession. The market’s manufacturing diversity continues to be a key driver to this trend and will aid in long term sustainability for the sector.
The industrial vacancy rate increased quarter over quarter to 3.7%, entirely due to newly delivered vacant developments.
Portland industrial concluded Q3 2019 with 253,332 sq. ft. of positive net absorption. Although deals were completed in all markets, the largest activity occurred in the Northeast and Southwest submarkets.