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Q1 2021 Portland Metro Office Report

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A year after Governor Brown ordered Oregonians to “stay home, stay safe,” most office workers in Portland remain virtually connected to their teams and companies. Some have filtered back, but the state of downtown remains far away from the long food cart lines of 2019. Companies have shed nearly 1 million sq. ft. of space across the market, and asking rental rates point to a shift: CBD Class A asking rents are down 2.1% from Q4 2020, but Suburban Class A asking rents are up 3.6% from Q4. However, suburbs still account for more than half the negative absorption for the market, with -520,000 sq. ft. of occupancy losses and 1.1% increase in vacancy, which now sits at 12.3%. Clark County vacancy only increased 30 basis points, the smallest increase, from 8.3% to 8.6% from last quarter, pointing to both greater demand for space north of the Columbia and less new supply to compete with existing space.

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Q1 2021 Portland Metro Office Report

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