PORTLAND-Positive things will happen in 2003 for commercial real estate in Portland, however they will not make up for the past 18 months, according to Grubb & Ellis’ annual Portland forecast released this week.

The long-term outlook, of course, remains positive, but “the commercial real estate market will remain challenging for the next year,” says G&E Portland Managing Director Bradford Fletcher. “While we have begun to see a moderate increase in activity during the last quarter, we will not return to sustainable growth until sometime at the end of this year or early 2004.”

The good news for Portland is that the problem is not due to over-supply as much as it is due to under-demand, according to the report. With a return to employment growth, which is predicted at 1.7% for 2003, the market will slowly right itself. The report predicts the market will return to equilibrium over the next 18 to 24 months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.