The Portland Office market ended the second quarter 2012 with a vacancy rate of 10.8%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 23,216 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 449,244 square feet.
Tenants moving into large blocks of space in 2012 include: PeaceHealth moving into 162,216 square feet at Columbia Center at Columbia Tech Center; Vestas American Wind Technology Inc. moving into 133,258 square feet at Meier & Frank Building; and Nike, Inc. moving into 92,680 square feet at Woodside Corporate Park - EDO.
Rental rates ended the second quarter at $19.67, an increase over the previous quarter.
A total of four buildings delivered to the market in the quarter totaling 312,260 square feet, with 309,591 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national office vacancy rate, which decreased to 12.1% from the previous quarter, with net absorption positive 20.72 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.