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Portland Office Availability Report August 2020

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Prior to the COVID-19 pandemic and social unrest influencing Portland tenancy, there were already significantly large blocks of space available. Portland’s emergence as a top secondary contender to the primary West Coast markets of Seattle and San Francisco for investment capital spurred an amazing cycle of growth for the market’s office product. However, with few user requirements greater than 20K SF, it will take time to absorb much of the existing product. More than the pandemic or social unrest, Portland’s incredible building cycle since the Great Recession is the most reasonable explanation for increasing rates of availability. There are no major subleases currently on the market because of the pandemic, which could be due to the present uncertainty of the pandemic’s course over the next 6 – 12 months. Each month since Q1 2020, sublease availability has increased an average of 0.18%, which is insignificant. The most important factors to watch over the next 18 months will be how new office product (make, Canvas at Press Blocks, and Exchange Block) is able to perform amidst a backdrop of existing availabilities that have been slow to lease up (Tanner Point and Field Office).


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Portland Office Availability Report August 2020

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