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/SF
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% |
Portland Office Sale Price per SF
- $561.922020 Avg. Price per SF
- $721.7M2020 Office Sales Volume
- 102020 Number of Transactions
Portland, OR Sale Price per SF Trend
- Portland Avg. Sale Price per SF in 2020$561.92
- Oregon Avg. Sale Price per SF in 2020$329.92
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
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 |
2020 Office Construction in Portland, OR
- Portland, OR Total SF completed in 2020 653,381
- Portland, OR Total SF under construction in 2021 488,155
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 488,155 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
NIR Center | 920 SE Stark Street, 97214 | 319,474 | 2022 |
5 MLK | 5 SE Martin Luther King Jr. Blvd, 97214 | 439,434 | 2021 |
PAE Living Building | 151 SW 1st Avenue, 97204 | 57,755 | 2021 |
Canvas at Press Blocks | 1750 SW Yamhill Street, 97205 | 143,553 | 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 |
Forum Building | 525 NE Oregon Street, 97232 | 56,048 | 2019 |
Worth noting among recent office completions on the Portland market is NIR Center, which is currently the largest new office development in the city, at 319,474 square feet.
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.