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Regional Summaries

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Portland, OR

Apartment
The Portland apartment market vacancy rate in the fourth quarter of 2016 at 4.9% was down 10 basis points for the period but up 40 for the year. While still very strong, rent growth has slowed. At $1,251 and $1,189 per month, fourth quarter mean asking and effective rates were up 7.4% and 7.0% year-over-year following the extraordinary increases of 13.0% and 12.3% recorded for 2015. Gains in the fourth quarter alone were just 0.5% each. The 465 units that completed construction during the first two months of 2017 met with 483 units of net absorption, a 10-basis-points decline in the vacancy rate and increases to $1,263 and $1,201 per month in the average asking and effective rents. VIEW APARTMENT LISTINGS >
Industrial
Portland’s warehouse/distribution sector vacancy, declining more or less steadily since 2010, reached a multi-year 10.2% low at the end of the third quarter of 2016. The descent was interrupted, temporarily, during the final quarter with an increase to 10.9%. The strong performance that followed over the first two months of 2017 chopped 50 points from the rate. Rent growth, strengthening in 2015, strengthened again in 2016. At $5.89 psf and $5.52 psf, asking and effective averages for the fourth quarter represented gains of 3.2% each for the year. Gains for the fourth quarter of 2016 alone were 0.7% apiece. January-February 2017 followed with increases of 0.5% asking and 0.6% effective. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy in the Portland general purpose, multi-tenant office market ended 2016 at 12.2%, up 10 basis points since the third quarter as well as year-over-year. Rent growth, strengthening in 2015, remained strong in 2016. At $23.68 psf and $18.84 psf, fourth quarter asking and effective averages were up 3.1% and 3.2% for the year. Respective increases in the fourth quarter alone were 0.5% and 0.4%. January-February 2017 followed with strong respective gains of 0.9% and 1.0% along with a decline in the vacancy rate to 11.5%. VIEW OFFICE LISTINGS >
Retail
The fourth quarter 2016 Portland community-neighborhood center vacancy rate was just 7.5%, down 20 basis points for the period and down 80 for the year. Rent growth slowed in 2016 (but was strong during the final quarter). At $21.45 psf and $18.66 psf, asking and effective average lease rates for community and neighborhood center space for the quarter were up just 1.3% and 1.5% year-over-year. Gains in the fourth quarter alone, however, were 0.9% for both rates. Gains of 0.1% asking and 0.2% effective followed over the first two months of 2017. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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