Custom Blocks is a repurposed creative campus located in the Central Eastside industrial district.
PORTLAND, OR—Demand for office space remains strong. However, inventory continues to rise significantly this year with more than 550,000 square feet of construction delivered in the second quarter alone, to be followed by another half a million square feet for the balance of 2018, according to a recent report by Cushman & Wakefield. As this new product comes on line, competition for major tenants will heat up, swinging the pendulum back to the lessees' favor.
Despite increased vacancy, the CBD reported significant occupancy growth of 248,000 square feet in the second quarter. WeWork, which claimed the largest lease (70,190 square feet) of the first quarter, took occupancy in the newly remodeled Power + Light building. With new and recently renovated space coming on line at strong pre-lease figures, absorption should continue on an upward trajectory.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
