The Portland Metro office market has certainly experienced significant shifts over the past two years, initiated by the COVID pandemic, which has led to significant changes in how companies are looking at their workspace. In comparing the market stats from Q4 2019 to Q4 2021, it is clear there has been a significant impact on the availability of office space in the market. For context, the vacancy rate has increased 4.8% (64% change), available space has increased 5.8M SF (38% change), and available sublease space has increased 703,279 SF (264% change). These numbers indicate what we all have anticipated; companies no longer need as much office space or can go without office entirely. It should also be noted that the suburban submarkets have not expected such shifts in available space. In some cases, they have become tighter markets as companies focus on suburban locations. Only central Portland submarkets continue to experience availability greater than 20%. All that said, leasing activity picked up throughout the market, increasing by over 1 million SF compared to 2020.
