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2022 Q3 Portland Metro Office Market Report

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Portland's office market continues to struggle through the third quarter of 2022. The three-month period recorded negative net absorption of 340,000 square feet, bringing the year-to-date net absorption total to -1.01 million square feet. The quarter end marks 11 straight quarters of net negative absorption, a trend which began in Q1 2020. Market-wide vacancy rates increased 30 basis points from the previous quarter, resulting in a 6.8% year-on-year increase compared to Q3 2021. Tracking with the larger market, vacancy in the CBD jumped 60 basis points from the previous quarter to 23.9%, a 13% increase compared to the same time period last year. Capital markets activity accelerated slightly in Q3; transactions were led by Workspace Property Trust's 53 property, multi-state portfolio acquisition from Griffin Realty Trust, which included the four-building Evergreen Corporate Center. Melvin Mark Companies invested in the CBD with the purchase of the Alderway Building, trading at $213 per square foot, and Unitus Community Credit Union acquired the Bridgeport Center, located in the i-5 South submarket, for $301 per square foot. 

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2022 Q3 Portland Metro Office Market Report

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Jamison Shields

Research Analyst

Portland

Jamison Shields joins the Colliers team after working for a boutique student housing developer providing asset management and development services. Responsible for research efforts out of the Portland office, related to office, industrial, multifamily and retail asset types. Jamison works to collect, analyze and synthesize market data for the local commercial real estate market. He provides pitch support, innovative GIS dashboards, and client-specific reporting. 

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