Only San Francisco and Salt Lake City have lower office vacancy rates than Portland, according to a new report from the commercial real estate firm Jones Lang LaSalle.
The vacancy rate in Portland held steady at 9.1 percent — a 15-year low — despite 270,000 square feet of new or redeveloped office space hitting the market in the last quarter, the report found.
More than 1.1 million square feet of space remains in the development pipeline, with 2016 deliveries expected to top any year since 2008. But since the majority of new space is already leased upon delivery, vacancy is expected to remain low and rents high, according to JLL.
