Due to a strong amount of preleased space, absorption for both suburban and downtown markets remained positive with 371,903 sq. ft. This brought the year-end total for the Portland market to 1,073,533 sq. ft.
New development coupled with demand for prime space pushed average asking lease rates up by a year-over-year 9.4%. Average asking lease rates increased 1.0% compared to last quarter, ending Q4 2018 at $30.27 per sq. ft., full service gross.
Portland office currently has 574,000 sq. ft. of space under development with the bulk of these projects located in Downtown and Eastside.