Portland Office Figures Q2 2022

July 15, 2022

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- Non-farm employment growth in Multnomah County reached 4.2% between April 2021 and April 2022, outperforming all other Oregon counties.

- The Portland metro area’s overall vacancy rate grew to 20.2%, a 330-basis point (bp) increase year-over-year (YOY).

- In Q2 2022, sublease availability across the overall office market increased to 1,536,849 sq. ft., up 5.3% from the prior quarter.

- There was one new construction completion in Q2 2022. Block 10 in Vancouver delivered 75,000 sq. ft. of new office to the submarket. The other two notable projects in Portland’s office development pipeline, The Offices at 11W –117,285 sq. ft. and Block 216 -167,000 sq. ft., both in the CBD, are on target for their expected delivery dates.

- The average direct asking lease rate is slowly climbing, increasing by 5.5% YOY. The metro average is now $32.27 per sq. ft. full-service gross (FSG).
- The Suburban asking rental rate is $28.31, a 6.5% increase YOY.

- The Downtown asking rental rate is $34.54, a 2.8% increase YOY.