Using growth in value as the factor, the Integra Viewpoint 2001 report ranks Portland as the No. 4 city for investment in retail properties behind Seattle, Houston and San Diego. As for industrial investment, the city ranks No. 10, ahead of such high-growth cities as Atlanta and Los Angeles.

Ironically, the study shows its Portland's Downtown office market that has seen the most explosive growth in value over the past three years. Between 1997 and 2000, Downtown office values has risen 29%, while suburban office space increased in value by 21%, industrial properties by 23% and retail by 18.8%.

"Although the nation as a whole has suffered from the economic fluctuations of the past year, Portland and the West Coast are generally doing a good job of weathering the storm," says Gerald Curtis, managing director of the Portland office of Integra Realty Resources. "Despite the economic storm clouds seen by many on the horizon, Portland real estate will continue to do well."