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Market Trend: Portland's Industrial Vacancy Decreases to 6.9%

Net Absorption Positive 467,948 SF in the Quarter
November 8, 2013
The Portland Industrial market ended the third quarter 2013 with a vacancy rate of 6.9%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 467,948 square feet in the third quarter. That compares to negative 891,113 square feet in the second quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 225,622 square feet.

Tenants moving into large blocks of space in 2013 include: Bridgestone Tire moving into 204,550 square feet at Rivergate Corporate Center 2 - Phase II, Crestline Elementary School temporarily occupying 68,857 square feet at 18110 SE 34th Street in Vancouver, and Wymore Transfer Co. moving into 137,500 square feet at the Tree of Life Building.

Rental rates ended the third quarter at $6.29, a decrease over the previous quarter.

A total of six buildings delivered to the market in the quarter totaling 135,973 square feet, with 1,860,626 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.3% from the previous quarter, with net absorption totaling positive 50.37 million square feet in the third quarter. Average rental rates increased to $5.31 this quarter, and 202 industrial buildings delivered to the market totaling more than 22.4 million square feet.

The information in this news report is based on CoStar’s Third Quarter 2013 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.
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