Net IQ Looks to Sublease Unused 15th Floor in Fox Tower

PORTLAND-In a sign of the times, even NetIQ, considered one of the stronger tech companies, is pushing space back onto the market these days.

The San Jose-based company completed its acquisition of Webtrends in March and took over its seven-year, 58,000-sf lease in the new Fox Tower. With its growth rate having slowed along with the economy, however, the business management software maker hired Grubb & Ellis a few months back to begin marketing the 19,275-sf view floor it has never had the opportunity to improve or occupy.

Plenty of other business have cut back as well. The CBD witnessed 135,000 sq. ft. of negative absorption through midyear, and brokers say the situation hasn’t improved in the third quarter. The most recent mid-year market report showed 1.4 million sf available in the CBD and an overall vacancy rate of 8.7%, a figure that many expect will hit double digits before the end of the year.