PORTLAND — Barry & Associates, a Portland-based commercial real estate appraisal firm, said last year was the busiest year on record for issuing apartment permits and, based on data collected through April 2018, construction activity won’t be any slower.
In his latest report, Patrick Barry found that there are 32,420 apartment units proposed and 12,039 under construction in the Portland-Vancouver area. That includes 6,497 proposed units and 747 under-construction units in Clark County. The county has 42 proposed projects and eight under construction.
The median price per square feet for land has risen over the years to about $107. Apartment buildings that have been built in the last few years and recently sold have fetched an average of $354 per square foot or about $237,152 per unit.
