2019 Q1 Portland Metro Flex Report

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The most notable shifts in the regional flex market are vacancy jumping 2.2% and net absorption dropping to negative 431K SF. The worst hit submarkets were Cascade Park (Vancouver Tech Center and Columbia Tech Center) and North Beaverton (Millikan Business Center). These large vacancies weigh down the statistics for the rest of the market. Rentals rates are still growing, having reached $1.11 PSF on a monthly basis across the region. Space on the Westside is just $0.01 more than the rest of the market while southeast inventory is $0.22 more than the rest of the market. Steady rent growth suggests that as the newly vacant spaces become occupied, the flex market will correct and show neutral to positive net absorption by summer 2019.

PortlandFlex

2019 Q1 Portland Metro Flex Report

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