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Industrial Sector Shifts Toward Rebound

PORTLAND-With vacancy at 11.2% overall, the prediction is the New Year will be prosperous enough to drive single-digit rates once again in manufacturing and warehouse sectors while flex and R&D most likely will remain stagnant.

By Beverly Ford | Updated on December 30, 2003

PORTLAND-The city’s industrial market is expected to rebound with moderate force in 2004, with vacancy rates in the manufacturing and warehouse sectors dipping into single digits as demand for consumer goods increase.

“Market fundamentals are improving in a variety of sectors and I expect considerable improvement in the industrial and technology sectors as we move through 2004,” Brad Fletcher, executive vice president, managing director and head of the industrial division for Grubb & Ellis Co.’s Portland office, tells GlobeSt.com. “Short of any new domestic or international surprises, watch for 2004 to mark a return to stabilization in Portland’s industrial real estate market.”

According to a Grubb & Ellis forecast report, 2004 will be a year of optimism for industrial real estate as an improved economy fuels demand for properties. “We’re cautiously optimistic that we’re on the mend and perhaps oriented towards a more sustainable growth pattern, ” Fletcher says.

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