Core Areas Drive Portland, Oregon, Office Availability Rates to New Highs

Availabilities in Portland, Oregon’s, office market are marching closer to the 20 million-square-foot mark. Having reached 18.8 million square feet as of the first quarter of 2024, the metric equates to 15.8% of the total square footage in the market. Sublease availabilities of 2.6 million square feet — or 2.2% of the available square footage — remain near all-time highs, with stagnating office-using employment growth and mediocre attendance driving occupancy losses over the past year.