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Q3 2020 Portland Metro Office Report

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For companies in the downtown core already considering a flight to suburban office space, Covid-19 and social unrest were enough to tip the scales. Net absorption went negative across the region and vacancy increased 1.1%. As a percentage of inventory, the most significantly negative net absorption was in Clark County’s Class A assets. Despite 360K SF of deliveries this quarter and the largest amount of available space on the market since Q3 2010, Portland remains 0.2% below its 20-year average vacancy. Asking rents are beginning to buckle under pressure, with regional rents for all classes decreasing 0.5% over the quarter and Class A CBD rents falling 1.0% over the same period.

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Q3 2020 Portland Metro Office Report

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