• Office activity in Portland has picked up in flurries, with the majority of tenants in the market focused on suburban options near I-5 or fringe downtown markets.

 

  • The suburban market recorded a 10-bps vacancy increase to 12.1%, with 26,499 sq. ft. negative net absorption. Downtown, the vacancy rate was 21.6%, with 508,271 sq. ft. negative net absorption.

 

  • Average asking lease rates decreased from $31.58 to $30.54 per sq. ft., full-service gross, Quarter over Quarter.