Portland Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $22.77 2024 Avg. Asking Rent
  • 13.69% 2024 Office Vacancy Rate
  • $43.7M2024 Total Office Sales
  • $263.66Avg. Sale Price/SF

Portland office price per square foot in 2024 was $22.77 on average. The local office market recorded an average vacancy rate of 13.69% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $43.7M. Portland office space commanded an average sale price per square foot of $263.66.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Portland Class A & A+ Office Space$25.51
  • Portland Class B Office Space$19.20
  • Portland Class C Office Space$18.99
  • Maine Class A & A+ Office Space$24.06
  • Maine Class B Office Space$16.90
  • Maine Class C Office Space$12.37

Portland, ME Office Asking Rents by Class

Average office rent in Portland rested at $22.77 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Portland averaged $25.51 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.20 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.99 per square foot, on average. Comparably, statewide Maine average office rents by class in 2024 were: $24.06 per square foot for class A office space; $16.90 per square foot for class B office space; $12.37 per square foot for class C office space.

2024 Office Vacancy Rates in Portland

Submarket Asking Rents Vacancy Rates
Portland - Bayside $28.00 27.47%
Portland - Downtown $23.84 12.94%
Portland - West $17.42 9.45%
Portland - Deering $16.00 9.97%
Portland - Riverton $15.00 30.63%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Portland market was 13.69% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Portland was 9.45% in the Portland - West submarket, while the highest office vacancy in the market was 30.63%, recorded in Portland - Riverton.

Office Spaces for Rent in Maine

Portland Office Sale Price per SF

  • $263.662024 Avg. Price per SF
  • $43.7M2024 Office Sales Volume
  • 32024 Number of Transactions

Portland, ME Sale Price per SF Trend

  • Portland Avg. Sale Price per SF in 2024$263.66
  • Maine Avg. Sale Price per SF in 2024$184.30
The sale price for office space in Portland averaged $263.66 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Maine average office sale price during the same time period was $184.30 per square foot.

2024 Office Sales Volume

  • Portland, ME Total Office Sales Volume in 2024 $43.7M
  • Portland, ME Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Portland office market in 2024, adding up to a yearly sales volume of $43.7M. Notably, the largest transaction on the market saw 320 Cumberland Avenue change hands for $20,000,000 on 8/1/2024.
Data provided by Commercial Edge

Coworking Spaces in Maine

2024 Office Construction in Portland, ME

Largest Office Properties Recently Completed in Portland
Office building Address SF Completed
Class A Office Space 100 Quarry Drive, 04102 165,600 2025
12 Mountfort Street 12 Mountfort Street, 04101 170,000 2022
Class A Office Building 895 Washington Avenue, 04103 18,250 2012
Fore River Medical Building 195 Fore River Pkwy, 04102 75,784 2008
Professional Office Suite 970 Baxter Blvd, 04103 30,807 2000
Downtown Class A Office Space 2 Portland Square, 04101 145,409 1990
2 Portland Square, Suite 210 for Sublease 2 Portland Square, 04101 145,409 1990
208 Fore Street 208 Fore Street, 04101 11,137 1988
First Floor Medical Office Condo 1250 Forest Ave # 1, 04103 2,133 1988
One City Center 1 City Center, 04101 210,000 1987

Worth noting among recent office completions on the Portland market is Class A Office Space, which is currently the largest new office development in the city, at 165,600 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Portland commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.