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2021 Q3 Portland Metro Industrial Market Report

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Portland’s lack of available industrial land continues to push market activity to the fringe of the metropolitan area. The lone delivery this quarter is a 90,000 square foot owner-user warehouse in Canby, Oregon, which is 30 minutes south and east, but still strategically close to the ever-important I-5 Corridor. With 2020’s above average new supply (more than 3.5 million square feet of new industrial space) being occupied, vacancy is beginning to turn from a high of 5.1% in the first two quarters of this year back down toward 4.0%. With limited expected deliveries this year and next, vacancy is likely to remain in this range for the foreseeable future. The largest sale by transaction value this quarter was $16.2 million,  a fully leased 100,000 square foot distribution center that was sold off-market for institutional capital in the traditionally tertiary Orchards submarket. As industrial product remains a highly desirable asset for investment, buyers will have stiff competition and sticker shock as prices continue to trend upwards.

PortlandIndustrial

2021 Q3 Portland Metro Industrial Market Report

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Jacob Pavlik

Research Manager

Portland

Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively.  At Colliers, he leads a team of researchers to  collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.

His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.

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