2021 Office Space Rent & Sales
- $30.05 2021 Avg. Asking Rent
- 14.73% 2021 Office Vacancy Rate
- $101.7M2021 Total Office Sales
- $189.78Avg. Sale Price/SF
Portland office price per square foot in 2021 was $30.05 on average. The local office market recorded an average vacancy rate of 14.73% across all asset classes combined. The 8 transactions that closed here throughout 2021 amounted to a total sale volume of $101.7M. Portland office space commanded an average sale price per square foot of $189.78.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Portland Class A & A+ Office Space$37.78
- Portland Class B Office Space$25.73
- Portland Class C Office Space$21.28
- Oregon Class A & A+ Office Space$36.15
- Oregon Class B Office Space$23.67
- Oregon Class C Office Space$20.59
Portland, OR Office Asking Rents by Class
Average office rent in Portland rested at $30.05 per square foot in 2021. 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 $37.78 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.73 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.28 per square foot, on average. Comparably, statewide Oregon average office rents by class in 2021 were: $36.15 per square foot for class A office space; $23.67 per square foot for class B office space; $20.59 per square foot for class C office space.
2021 Office Vacancy Rates in Portland
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Central Eastside | $39.47 | 21.05% |
Pearl District | $37.30 | 11.25% |
Portland - Downtown | $31.30 | 15.89% |
Sunset Corridor | $29.74 | 12.81% |
Old Town - Chinatown | $27.85 | 14.28% |
West End | $27.20 | 17.94% |
Tigard | $26.58 | 12.29% |
South Portland | $26.06 | 13.61% |
Northwest District - Goose Hollow | $25.65 | 37.53% |
Northeast Portland | $24.85 | 4.72% |
North Portland | $18.82 | 12.58% |
Southwest Portland | $16.92 | 7.98% |
Portland Office Sale Price per SF
- $189.782021 Avg. Price per SF
- $101.7M2021 Office Sales Volume
- 82021 Number of Transactions
Portland, OR Sale Price per SF Trend
- Portland Avg. Sale Price per SF in 2021$189.78
- Oregon Avg. Sale Price per SF in 2021$221.87
2021 Office Sales Volume
- Portland, OR Total Office Sales Volume in 2021 $101.7M
- Portland, OR Total Number of Office Sales Closed in 2021 8
Largest Portland Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
Olympic Mills Commerce Center | 107 SE Washington Street | 6/16/2021 | $28,393,920 |
Triangle Corporate Park III | 13221 SW 68th Pkwy | 11/18/2021 | $27,050,000 |
5550 SW Macadam Avenue | 5550 SW Macadam Avenue | 5/7/2021 | $15,800,000 |
3200 NW Yeon Avenue | 3200 NW Yeon Avenue | 12/1/2021 | $10,650,000 |
Century Tower | 1201 SW 12th Avenue | 11/15/2021 | $7,399,863 |
Coworking Spaces in Oregon
- Los Angeles Coworking Space
- Denver Coworking Space
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- Las Vegas Coworking Space
- Seattle Coworking Space
- Irvine Coworking Space
- Portland Coworking Space
- Sacramento Coworking Space
- Oakland Coworking Space
- Salt Lake City Coworking Space
- Bellevue Coworking Space
- San Jose Coworking Space
- Colorado Springs Coworking Space
- Tacoma Coworking Space
- Beaverton Coworking Space
- Eugene Coworking Space
- Bend Coworking Space
- Hillsboro Coworking Space
- Lake Oswego Coworking Space
2021 Office Construction in Portland, OR
- Portland, OR Total SF completed in 2021 173,266
During 2021, 173,266 square feet of new office space were delivered across the market. At the close of 2021, the Portland office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 173,266 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
PAE Living Building | 151 SW 1st Avenue, 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 |
For Lease > Slabtown Center | 2055 NW Savier, 97207 | 0 | 2020 |
7 Southeast Stark | 7 SE Stark Street, 97214 | 78,298 | 2019 |
Redfox Commons | 2638 NW Wilson Street, 97210 | 63,000 | 2019 |
Redfox Commons | 2638 NW Wilson Street, 97210 | 63,000 | 2019 |
Clay Pavilion | 120 SE Clay Street, 97214 | 78,000 | 2018 |
Heartline | 1241 NW Johnson Street, 97209 | 70,702 | 2018 |
For Sublease > 30,084 RSF in Field Office West | 2035 NW Front Ave, 97209 | 0 | 2018 |
Worth noting among recent office completions on the Portland market is PAE Living Building, which is currently the largest new office development in the city, at 57,755 square feet.
See reports for other markets
- Beaverton Office Rent Price
- Hillsboro Office Rent Price
- Vancouver Office Rent Price
- Lake Oswego Office Rent Price
- Tigard Office Rent Price
- Gresham Office Rent Price
- Miami Office Rent Price
- Dallas Office Rent Price
- Atlanta Office Rent Price
- Seattle Office Rent Price
- Washington Office Rent Price
- Denver Office Rent Price
- Phoenix Office Rent Price
- San Diego Office Rent Price
- Los Angeles Office Rent Price
- New York City Office Rent Price
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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.