PORTLAND-According to an early first quarter report from Cushman & Wakefield, the class A direct vacancy rate for the Portland CBD stands at 8.8%. At the end of 2001, the same figure stood at 5.9%. When sublease space is added in, class A vacancy in the CBD swells to 12.6%, up from 11.2% at the end of 2001.

As C&W tracks it, the Portland CBD, including Downtown Portland, close-in Northwest Portland and the Lloyd District in close-in Northeast Portland, contains 9.45 million sf of class A space, which means a little more than 1.19 million sf is currently available.

Thanks to this month's completion of 1201 Lloyd, a 222,500-sf mid-rise office project that has yet to sign its first tenant, the Lloyd District's overall class A vacancy rate is the highest in the CBD, jumping from 3.75% at the end of 2001 to 20.5% near the end of the first quarter of 2002, according to the report.