Block 216 Tower - Ritz Hotel and Condos | 459'-11 1/2" | 35 floors | Complete

[58rhodes]

Originally Posted by johnliu

Portland office market is in an interesting situation. Rents have risen significantly in recent years, but vacancy rates have been rising at the same time. Downtown office vacancy rate is over 10%. Projects under development will add 3% to downtown office space inventory. Lloyd office vacancy rate is much tighter. Overall Portland office vacancy rate is nearing 11%, up from under 9% a few years ago. Some new office buildings seem to have good leasing demand (Field Office etc), other seemingly desirable space is having a hard time leasing (Meier & Frank building). Construction costs are high and rising. There is still a pretty good flow of design work in office, unlike in multifamily (say architects I know - what say you all?).

the vacancy rate in Portland is pretty low as compared to other major cities