Portland industrial began 2019 with nominal changes to market fundamentals with near equilibrium results. Vacancy decreased, lease rates grew modestly, and absorption was positive.
Overall demand in the market has remained stable with prime developments and submarkets generating the largest amount of activity. Average size leases for Q1 2019 were 15,000 sq. ft. with average size users looking for space at 50,000 sq. ft.
Year over year, industrial sale prices continue to increase with average price per sq. ft. at $154 for Q1 2019. This compares with $140 per sq. ft. in Q4 2018.