The Portland Metro commercial office market continues to feel the impact of the pandemic as employers navigate alternative models such as remote or hybrid work. The data is indicating that alternative work arrangements have contributed to the increase in available office space over the last 18 months, most of which is centered in Portland’s Central Business District which has a 24% availability rate, compared to 15% across the entire metro area. Holding an office presence has been a key feature of large business for decades, and while the culture of in-person work may never return exactly to its prior state, there has been an uptick in new leases signed over the last quarter, an indication that companies are betting on the long-term value of a permanent office presence. We are already seeing this demonstrated through numerous notable leases signed this quarter that span the Metro by companies such as ZoomInfo, Q5id, LAM Research, and Frontier Solutions.
