Portland Office Rent Price & Sales Report

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%
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 14.73% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Portland was 4.72% in the Northeast Portland submarket, while the highest office vacancy in the market was 37.53%, recorded in Northwest District - Goose Hollow.

Office Spaces for Rent in Oregon

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
The sale price for office space in Portland averaged $189.78 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Oregon average office sale price during the same time period was $221.87 per square foot.

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
A total of 8 deals closed on the Portland office market in 2021, adding up to a yearly sales volume of $101.7M. Notably, the largest transaction on the market saw Olympic Mills Commerce Center change hands for $28,393,920 on 6/16/2021.

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
Data provided by Commercial Edge

Coworking Spaces in Oregon

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.

Largest Office Properties Recently Completed in Portland
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.

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 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.