Portland office vacancy remained steady despite new deliveries with only a minor increase in Downtown vacancy and decrease in Suburban which ultimately balanced out the total market.
Asking rent in the Downtown market increased by almost a full $1.00 to $35.20 per sq. ft., full service, while the overall Suburban shrank slightly to $25.07 per sq. ft. This decrease in suburban was due to higher rent spaces leasing and prime Central Eastside properties being moved to the Downtown inventory.
Portland office currently has 603,978 sq. ft. of space under construction with almost all development projects located in the Downtown submarkets.