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Regional Summaries

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Portland, OR

Apartment
Reis put Portland, Oregon’s apartment market first quarter 2017 vacancy rate at 4.7%, down 10 basis points for the period following an increase of 50 through 2016. The rate had added 10 basis points by the end of May. While expected to be strong again in 2017, rent growth is slowing. At $1,262 and $1,200 per month, first quarter mean asking and effective rates were up 0.3% and unchanged, respectively, for the period following gains of fully 7.5% and 7.2% all told last year—after the extraordinary increases of 13.0% and 12.4% recorded for 2015. With gains of 1.0% asking and 0.7% effective, the April-May 2017 period was somewhat stronger than the preceding quarter. VIEW APARTMENT LISTINGS >
Industrial
Portland, Oregon’s warehouse/distribution sector vacancy rate, declining more or less steadily since 2010, reached a multi-year 10.2% low at the end of the first quarter of 2017. The 359,000 square feet of net absorption that followed over the next two months was accompanied by a decline in the rate to 9.4%. Rent growth, strengthening in 2015, strengthened again last year and should remain strong in 2017. At $5.93 psf and $5.56 psf, asking and effective averages for the first quarter represented gains of 0.7% each for the period after the increases of 3.2% apiece recorded for 2016. By the end of May, each rate had added a nickel. VIEW INDUSTRIAL LISTINGS >
Office
Portland, Oregon’s general purpose, multi-tenant office market vacancy rate ended 2016 at 12.6%. The first quarter of 2017 followed with the completion of 116,000 square feet in three small projects and net absorption at 173,000. The vacancy rate shed 20 basis points during the period to close at 12.4%. Rent growth has proceeded at healthy rates. At $24.05 psf and $19.16 psf, first quarter asking and effective averages were up 1.6% each for the period following gains of 3.1% and 3.2% last year. Each rate had added a nickel by the end of May. VIEW OFFICE LISTINGS >
Retail
Vacancy in Portland, Oregon’s conventional community-neighborhood shopping center market ended the first quarter of 2017 at 7.2%, down 30 basis points for the period following a loss of 80 all told last year. Rent growth in community-neighborhood centers slowed in 2016 and is expected to slow again, slightly, this year. At $21.52 psf and $18.73 psf, asking and effective average lease rates for the first quarter were up just 0.3% and 0.4% for the period following last year’s gains of only 1.3% and 1.5%. Gains of 0.3% followed for each rate over the April-May span. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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