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Market Trend: Portland's Retail Vacancy Decreases to 5.6%

Net Absorption Positive 478,144 SF in the Quarter
November 14, 2011
The Portland retail market did not experience much change in market conditions in the third quarter 2011.

The vacancy rate went from 5.7% in the previous quarter to 5.6% in the current quarter. Net absorption was positive 478,144 square feet, and vacant sublease space decreased by 25,853 square feet.

The largest lease signings occurring in 2011 included: the 40,000-square-foot-lease signed by Walmart at Robinwood Shopping Center; the 40,000-square-foot-deal signed by New Seasons Market at Fisher's Landing Market Place - Buildings A-C; and the 34,370-square-foot-lease signed by Walmart at 17711 Jean Way.

Quoted rental rates decreased from second quarter 2011 levels, ending at $16.19 per square foot per year.

A total of five retail buildings with 303,036 square feet of retail space were delivered to the market in the quarter, with 67,492 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national retail vacancy rate, which decreased to 7% from the previous quarter, with net absorption positive 18.85 million square feet in the third quarter.

The information in this news report is based on CoStar’s Third Quarter 2011 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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