Summer is here in Portland, and while we’re not quite in the dog days yet, we’ve recorded our fourth straight year of negative absorption. But before we get too worn out by the PNW heat, there’s a glimmer of hope on the horizon. Leasing activity in the CBD increased nearly 30% from Q1, bringing some much-needed relief.
Several significant transactions were completed this quarter. Tonkon Torp’s new headquarters at Wells Fargo Center and Deckers Brands (Hoka) Portland office expansion at Canvas at Press Blocks were standout deals. Anecdotally, it feels like we’re starting to turn a corner in the city, especially when participating in the We Believe in Portland event. There’s a growing sense of positivity and engagement from both the public and private sectors, but we still need financial relief for companies to continue turning their attention back to Portland.
