SUMMARY
The Portland industrial & flex market experienced a few signs of slowdown in Q1 2020, mostly due to the large amount of leasing activity during Q4 2019. The vacancy rate increased 0.3% from last quarter, in part due to the increase in sublease space which now sits at 0.6% of the total market. While we expect vacancies to increase, it could be interesting to see how increases in the healthcare supplier industry and other areas that are experiencing unexpected growth impact demand due to COVID-19.