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Al Kennedy | Colliers | Portland

Al Kennedy

Senior Vice President

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About

Professional Summary

Al has worked in the commercial real estate industry since 2012, focusing his career on office brokerage. Al has experience in successfully working with all types of ownership profiles from local private ownership to some of the world’s largest institutional owners.

Al has extensive experience with both tenant and landlord leasing. Over the last ten years he has represented many ownership groups across different product types, focused market-wide; close-in Portland and suburban office product as well.

In his ten-year career as an office broker in Portland, Oregon, Al has successfully worked on strategic repositioning of Class A towers, historic redevelopments as well as suburban office parks. Al has been involved in some of the highest profile lease transactions during that time in the marketplace; most notably, in 2017, Al successfully pre-leased a 180,000 SF office development in downtown Portland to a single tenant user before construction of the project broke ground.

Al has the ability to understand a deal from both the tenant and landlord perspectives and identifies what it takes to navigate and successfully negotiate deals, delivering top results for his clients.

Education

BA, International Relations - University of Boulder

Memberships & Involvements

  • NAIOP Oregon Board Member, 2018, 2019
  • Board Chair, NAIOP Developing Leaders, 2016 & 2017

Services

Property Type

Office

My Team

Featured Research

Jan 6, 2023

2022 Q4 Portland Metro Office Market Report

The greater Portland office market experienced negative net absorption for the 12th consecutive quarter in Q4 2022, with quarterly negative net absorption of 483,000 square feet.
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Jul 8, 2022

2022 Q2 Portland Metro Office Market Report

Marking the halfway point of 2022, Q2 brought about deepened challenges to Portland’s office market. Impacted by a growing list of headwinds, 523,000 square feet of space was given back to the market through negative net absorption, bringing the year-to-date net absorption total to -701,000. The conclusion of the quarter marks 10 consecutive quarters of market-wide negative net absorption. Since Q1 2020, over 4.5 million square feet of occupancy has been lost, increasing the vacancy from 10.5% to 17.5% over the same period. For perspective, Portland’s net negative absorption since the start of COVID-19 is equivalent to the US Bancorp Tower fully vacating nearly four times over. Prior to the pandemic’s start, the market historically recorded 186,000 square feet of positive net absorption per quarter on average over a sixteen-year period. Sporting a causal relationship with net absorption, vacancy in the Greater Portland market has also reached a new 20-year high, with a vacancy rate of 17.5%. The vacancy rate is highest in the Central Business District (CBD), where just under 25% of the space is vacant.
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Apr 11, 2022

2022 Q1 Portland Metro Office Market Report

The start of the new year brought minor change to Portland office market fundamentals. Most notable is the confluence of rents in the CBD and Portland’s suburbs with the delta between asking rents in the two market sectors being $0.66 for Class A product and only $0.22 across all building classes. Market-wide vacancy saw a 2.3% uptick year-over-year, from 14.6% in Q1 2021 to 16.9% this quarter.
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