PORTLAND, OR—Portland's growing reputation as a major business center is supported by study after study ranking the city among the top ten nationwide in tech company growth, liveability, appeal to a millennial workforce and a host of other benchmarks. This according to a recent statement from JLL in a statement spotlighting a lease deal it forged for a creative agency client.
Portland has led all metropolitan areas in gross domestic product (GDP) growth since the 2007 recession (22.8%). Its net population increase of workers aged 25-34 is also among the highest in the nation, which is attracting outside companies to set up operations and prompting more home grown companies to expand, JLL says.
One area of particularly strong growth within the city's business sector is in the creative sector. Significantly, a host of new and established firms focused on digital media and marketing for global and regional brands have hit critical mass, inviting more like-minded businesses to set up shop. Yet the success of the sector is also causing headaches for agencies as they plan future expansion in a hot real estate market. Just last week, JLL represented Portland-based creative agency Swift in signing a long-term lease for 29,933 square feet of office space at 1638 NW Overton on the northwestern edge of the Pearl District.
Swift is a creative agency on a powerful upward trajectory. In addition to being named Small Agency of the Year in the Northwest last year by Advertising Age, just last December Swift aligned with global digital creative agency POSSIBLE, which has 14 offices worldwide.
The short move to be taken later this year from its existing offices across the street at 1714 NW Overton to 1638 NW Overton sees Swift almost doubling its existing footprint. Its new home will be within a 1960s-era industrial building occupying almost an entire city block. The building was re-designed by architects Beebe Skidmore and repositioned as creative office space by local developer Project PDX.
“We love Portland and are proud to be part of the growing creative reputation of our city. We are working closely with Beebe Skidmore to ensure that our company culture translates to the new, much larger space,” said Alicia McVey, CCO, Swift. “The ability to attract and retain top creative talent has been a major part of our success and our new space will certainly help us continue on that path.”
Swift was represented in this transaction by JLL managing director Jake Lancaster, who says that, true to its name, the company made the right decisions at the right time to secure the new space. “The Portland market is becoming far tighter for tenants and the real estate options for companies looking to grow are diminishing. Fortunately, Swift's key executives have a clear vision for their future and we were able to secure the right space almost before it came onto the market,” Lancaster said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
