CBRE Announces Two New Office Leases at Commonwealth Building in Downtown Portland

CBRE announced the signing of two new office leases at Commonwealth Building in downtown Portland, totaling over 13,000 square feet. CBRE’s Kevin Kaufman, First Vice President, and Senior Associate Alison Vaughan represented the landlord, MetLife Investment Management.

The new tenants include Clark/Kjos Architects, which leased 7,259 square feet and Coates Kokes, a strategic communications, branding, and advertising firm, which took 6,429 square feet of space on a new floor.

The Commonwealth Building, located at 421 SW 6th Ave, is widely recognized as the country’s first modern skyscraper and the first International Style office building erected in the United States. Modern styling, proximity to amenities and a solid foundation continues to build on the building’s legacy of inspiration for the next generation of tenants.

"The Commonwealth offers exceptional value with its extensive amenities, direct access to shopping and dining, and a central location with convenient public transit access," said Kaufman. "Class A buildings like Commonwealth have seen renewed interest in recent quarters, and office leasing professionals remain cautiously optimistic as we move further into 2025."

According to CBRE Research, as of Q4 2024, the Portland office market is showing signs of stabilization. While the office vacancy rate has been rising, there has been a late-year uptick in tenant demand and a sustained increase in tenants' willingness to commit to longer lease terms. This positive trend is reflected in the recent transactions brokered by CBRE, indicating a potential shift towards market stability.