The Portland Office market produced 233,789 sq. ft. of net absorption causing the market wide vacancy rate to fall to 11.2%. On an annual basis, total net absorption totaled 357,120 sq. ft., the bulk of which occurred in the Downtown submarkets.
The average asking lease rate increased 7.5% compared to last year and 1.2% compared to last quarter, ending Q4 2017 at $27.66 per sq. ft., full service gross.
The market is expected to gain velocity in 2018 as new construction is delivered to the market and preleasing activity comes to fruition.