Sunset Corridor Class A Vacancy Tops 48%

HILLSBORO, OR-According to a new report, overall class A vacancy stands at 48.3% in the Sunset Corridor. When sublease availabilities are taken out of the equation, the class A vacancy rate in the Corridor drops to 38.1%, according to the Cushman & Wakefield report, which takes in the first 10 weeks of the year.

With just over 1.67 million sf in about 29 buildings, the Sunset Corridor is the largest class A office market on the Portland’s tech-heavy west side, according to the report. The market saw 108,000 sf of new construction come online in the period and just over 47,000 sf of leasing activity. The direct weighted average annual rental rate now stands at $22.75, according to the report.

The new construction was 108,000-sf class A office building in Hillsboro developed and owned by Synopsys, a Mountain View, Calif.-based software developer catering to the computer chip design industry. Tom Hayes and Steve Marcy of Corporate Property Services are marketing the building for lease at $23.50 per sf, full service. No tenants have been announced.