Portland Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $21.25 2022 Avg. Asking Rent
  • 14.93% 2022 Office Vacancy Rate
  • $36.7M2022 Total Office Sales
  • $162.51Avg. Sale Price/SF

Portland office price per square foot in 2022 was $21.25 on average. The local office market recorded an average vacancy rate of 14.93% across all asset classes combined. The 3 transactions that closed here throughout 2022 amounted to a total sale volume of $36.7M. Portland office space commanded an average sale price per square foot of $162.51.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Portland Class A & A+ Office Space$10.00
  • Portland Class B Office Space$21.37
  • Maine Class A & A+ Office Space$10.99
  • Maine Class B Office Space$20.08
  • Maine Class C Office Space$11.22

Portland, ME Office Asking Rents by Class

2022 Office Vacancy Rates in Portland

Submarket Asking Rents Vacancy Rates
Portland - Downtown $22.79 16.96%
Portland - West $17.21 10.68%
Portland - Oakdale $15.06 9.86%
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 14.93% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Portland was 9.86% in the Portland - Oakdale submarket, while the highest office vacancy in the market was 16.96%, recorded in Portland - Downtown.

Office Spaces for Rent in Maine

Coworking Spaces in Maine

2022 Office Construction in Portland, ME

  • Portland, ME Total SF completed in 2022 345,387

During 2022, 345,387 square feet of new office space were delivered across the market. At the close of 2022, the Portland office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 345,387 square feet of office space.

Largest Office Properties Recently Completed in Portland
Office building Address SF Completed
12 Mountfort Street 12 Mountfort Street, 04101 170,000 2022
For Lease | Fully-Furnished Class A Office Space 16 Middle Street, 04101 47,744 2017
For Lease | Class A Office, Unit 301 16 Middle Street , 04101 47,744 2017
16 Middle Street, Unit 302, Portland 16 Middle Street, Unit 302, 04101 5,374 2017
Class A Office Building 895 Washington Avenue, 04103 18,250 2012
Flex/Office, Light Industrial Space 108A Industrial Way, 04103 13,000 1999
The Cannery 14 York Street, 04101 32,670 1996
Prime Old Port Retail Space 477 Fore Street, 04101 177,118 1990
Downtown Class A Office Space 2 Portland Square, 04101 177,118 1990
208 Fore Street 208 Fore Street, 04101 11,137 1988

Worth noting among recent office completions on the Portland market is 12 Mountfort Street, which is currently the largest new office development in the city, at 170,000 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.