Portland Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $33.10 2020 Avg. Asking Rent
  • 1.16 % Y-o-Y Avg. Asking Rent Change
  • 12.80 % 2020 Office Vacancy Rate
  • $721.7M2020 Total Office Sales
  • $561.92Avg. Sale Price/Sqft

Portland office price per square foot in 2020 was $33.10 on average. This marked a +1.16 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.80 % across all asset classes combined. The 10 transactions that closed here throughout 2020 amounted to a total sale volume of $721.7M. Portland office space commanded an average sale price per square foot of $561.92.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Portland Class A Office Space$38.45
  • Portland Class B Office Space$28.77
  • Portland Class C Office Space$18.87
  • Oregon Class A Office Space$37.50
  • Oregon Class B Office Space$26.39
  • Oregon Class C Office Space$18.76

Portland, OR Office Asking Rents by Class

Average office rent in Portland rested at $33.10 per square foot in 2020. 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 $38.45 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.87 per square foot, on average. Comparably, statewide Oregon average office rents by class in 2020 were: $37.50 per square foot for class A office space; $26.39 per square foot for class B office space; $18.76 per square foot for class C office space.

2020 Office Vacancy Rates in Portland

Submarket Asking Rents Vacancy Rates
Pearl District $41.92 18.52 %
Central Eastside $41.21 19.05 %
Portland - Downtown $35.23 12.89 %
University $33.21 7.56 %
South Portland $31.97 5.37 %
Old Town - Chinatown $31.35 29.23 %
Northwest District - Goose Hollow $28.74 23.18 %
West End $28.35 13.25 %
Sunset Corridor $26.65 7.13 %
Tigard $26.01 10.10 %
North Portland $20.50 10.57 %
Northeast Portland $20.21 5.45 %
Southeast Portland $19.27 3.78 %
Southwest Portland $18.25 4.75 %
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 12.80 % in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Portland was 3.78 % in the Southeast Portland submarket, while the highest office vacancy in the market was 29.23 %, recorded in Old Town - Chinatown.

Office Spaces for Rent in Oregon

Portland Office Sale Price per Sqft

  • $561.922020 Avg. Price per Sqft
  • 59.62 %Y-o-Y Avg. PpSF Change
  • $721.7M2020 Office Sales Volume
  • 102020 Number of Transactions

Portland, OR Sale Price per Sqft Trend

  • Portland Avg. Sale Price per Sqft in 2020$561.92
  • Oregon Avg. Sale Price per Sqft in 2020$329.92
Portland office space cost in 2020 marked a +59.62 % change compared to the previous year. The sale price for office space in Portland averaged $561.92 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Oregon average office sale price during the same time period was $329.92 per square foot.

2020 Office Sales Volume

  • Portland, OR Total Office Sales Volume in 2020 $721.7M
  • Portland, OR Total Number of Office Sales Closed in 2020 10
A total of 10 deals closed on the Portland office market in 2020, adding up to a yearly sales volume of $721.7M. Notably, the largest transaction on the market saw Pittock Block change hands for $326,000,000 on 12/30/2020.

Largest Portland Office Sales in 2020

Property name Address Date Price
Pittock Block 921 SW Washington Street 12/30/2020 $326,000,000
Broadway Tower 1455 SW Broadway 3/3/2020 $132,300,000
Field Office 2035 NW 17th Avenue 4/29/2020 $118,000,000
Harrison Square 1800 SW 1st Avenue 1/24/2020 $52,800,000
Fremont Place I & II 1650 NW Naito Pkwy 2/14/2020 $36,500,000
Data provided by Commercial Edge

2020 Office Construction in Portland, OR

  • Portland, OR Total Sqft completed in 2020 653,381
  • Portland, OR Total Sqft under construction in 2021 762,619

During 2020, 653,381 square feet of new office space were delivered across the market. At the close of 2020, the Portland office inventory included 8 buildings equal to or larger than 25,000 square feet, which comprised 653,381 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 762,619 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Portland
Office building Address Sqft Completed
5 MLK 5 SE Martin Luther King Jr. Blvd, 97214 439,434 2021
NIR Center 920 SE Stark Street, 97214 319,474 2021
PAE Living Building NWC 1st Avenue & SW Pine Street, 97204 57,755 2021
Canvas at Press Blocks 1750 SW Yamhill Street, 97205 143,553 2020
District Office 525 SE Martin Luther King Jr. Blvd, 97214 81,500 2020
Elks Children's Eye Clinic 3375 SW Terwilliger Blvd, 97239 64,599 2020
Downtown Rockwood - Building A 18535 SE Stark Street, 97233 53,038 2020
Tree Farm 850 SE 3rd Avenue, 97214 41,450 2020
OHSU Center for Health and Healing South 3485 SW Bond Avenue, 97239 397,099 2019
7 Southeast Stark 7 SE Stark Street, 97214 78,298 2019

Worth noting among recent office completions on the Portland market is District Office, which is currently the largest new office development in the city, at 81,500 square feet.

Data provided by Commercial Edge

See reports for nearby 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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.