Industrial remains Portland’s best performing asset class, following the national trends on logistics-driven warehouse demand. Over the year, 2.2M SF of product delivered across the market and at year’s end, there is 5.9M SF of supply in the pipeline. This makes the case that there is still growth to be had in Portland’s industrial market. Rental rates continue to rise, 7.4 percent between Q4 2018 and Q4 2019, 31.5 percent over three years (Q4 2016 to Q4 2019), and 153.4 percent over five years (Q4 2014 to Q4 2019). Since Q4 2018, net absorption has averaged 348K SF per quarter, which is an impressive fundamental for a market of Portland’s size.