The Portland Industrial market ended the second quarter 2012 with a vacancy rate of 7.2%.
The vacancy rate decreased from the previous quarter, with net absorption totaling positive 974,908 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 413,620 square feet.
Tenants moving into large blocks of space in 2012 include: Solopower, Inc moving into 225,250 square feet at Marine Drive Distribution Center - Bldg 1, OIA Global Logistics moving into 101,131 square feet at Rivergate Logistics Center, and Cargill moving into 92,500 square feet at 115th Commerce Park - Bldg C.
Rental rates ended the second quarter at $6.12, an increase over the previous quarter.
A total of one building delivered to the market in the quarter totaling 25,000 square feet, with 2,171,077 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 9.2% from the previous quarter, with net absorption positive 46.48 million square feet in the second quarter.
The information in this news report is based on CoStar’s Second Quarter 2012 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.