Highlights
- The average rent for office space in Portland is $28.82 per square foot, 0.61% lower compared to the previous year.
- The average sale price for office space in Portland is $77.75 per square foot, marking an increase of 21.89% compared to 2024.
- The market’s vacancy rate stands at 24.86%, higher than the state average of Oregon, which is 15.31%.
- Renting Class A/A+ office space here costs $33.98 per square foot, while Class B averages $26.72 and Class C stands at $15.31.
2025 Office Space Rent & Sales
- $28.82 2025 Avg. Asking Rent
- -0.61% Y-o-Y Avg. Asking Rent Change
- 24.86% 2025 Office Vacancy Rate
- $205.5M2025 Total Office Sales
- $77.75Avg. Sale Price/SF
What is the average asking rent price for office space in Portland?
Average asking rents for office space here stand at $28.82 per square foot. The local office market recorded an average vacancy rate of 24.86% in 2025, unchanged from 24.86% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $205.5M across 17 sales. These transactions commanded an average sale price per square foot of $77.75.
Portland, OR Office Asking Rents by Class
What is the average office rent per square foot by property class in Portland?
- Avg. Asking Rent Class A & A+$33.98
- Avg. Asking Rent Class B$26.72
- Avg. Asking Rent Class C$15.31
The average asking rent for Class A and A+ office space stood at $33.98 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Portland averaged $26.72 per square foot, while the average for Class C space was $15.31 per square foot.
What is the average office rent per square foot by property class in OR?
- Avg. Asking Rent Class A & A+$33.77
- Avg. Asking Rent Class B$25.24
- Avg. Asking Rent Class C$16.34
For comparison, the average rent for Class A and A+ office space in Oregon was $33.77 per square foot. The state-wide average for Class B space was $25.24 per square foot, and Class C office spaces averaged $16.34 per square foot.
Portland, OR Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Pearl District | $45.87 | 17.97% |
| Tigard | $33.93 | 24.78% |
| University | $32.81 | 25.36% |
| Central Eastside | $32.61 | 25.16% |
| West End | $30.46 | 28.21% |
| South Portland | $28.21 | 16.42% |
| Portland - Downtown | $28.11 | 28.54% |
| Milwaukie - Happy Valley | $27.78 | 5.20% |
| Tualatin | $26.19 | 17.04% |
| Outlying Washington County | $26.00 | 7.65% |
| Sunset Corridor | $25.15 | 15.57% |
| Beaverton | $22.19 | 19.24% |
| Southeast Portland | $20.71 | 9.62% |
| Gresham - Eastern Multnomah County | $18.89 | 18.97% |
| Northeast Portland | $18.88 | 15.55% |
| Southwest Portland | $18.63 | 12.62% |
| Northwest District - Goose Hollow | $18.58 | 31.66% |
| Old Town - Chinatown | $17.51 | 19.68% |
| North Portland | $12.00 | 6.73% |
2025 Office Sales Volume
- $77.752025 Avg. Price per SF
- 21.89%Y-o-Y Avg. PpSF Change
- $205.5M2025 Office Sales Volume
- 172025 Number of Transactions
What is the average sale price per square foot for office space in Portland?
Average sale prices for office space in this market recorded a +21.89% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $77.75 per square foot. For comparison, the statewide Oregon average during the same time period stood at $98.33 per square foot, while the national average was $182.48 per square foot.
Portland, OR Sale Price per SF Trend
- Portland Avg. Sale Price per SF in 2025$77.75
- Oregon Avg. Sale Price per SF in 2025$98.33
What was the total office sales volume in Portland in 2025?
The local office market recorded 17 deals in 2025, adding up to a yearly sales volume of $205.5M.
- Portland, OR Total Office Sales Volume in 2025 $205.5M
- Portland, OR Total Number of Office Sales Closed in 2025 17
What were the largest office building sales in Portland in 2025?
The market’s largest transaction last year was the sale of U.S. Bancorp Tower for $45,000,000 on 7/8/2025. The next-highest sale was the transaction involving Pacwest Center, which traded for $44,000,000. The third-largest transaction was the sale of Machine Works Building for $28,000,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| U.S. Bancorp Tower | 111 SW 5th Avenue | 7/8/2025 | $45,000,000 |
| Pacwest Center | 1211 SW 5th Avenue | 10/30/2025 | $44,000,000 |
| Machine Works Building | 1414 NW Northrup Street | 4/10/2025 | $28,000,000 |
| Thurman Building | 1631 NW Thurman Street | 11/19/2025 | $18,800,000 |
| 1010 NW Flanders Street | 1010 NW Flanders Street | 1/14/2025 | $10,000,000 |
2025 Office Construction in Portland, OR
- Portland, OR Total SF completed in 2025 63,899
How much office space was built in Portland in 2025?
What are the largest recent office completions in Portland?
The largest recent office completion here is Block 216 at 168,464 square feet, completed in 2023. The next largest completions are Canvas at Press Blocks and District Office.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 550 SE Martin Luther King Jr Blvd | 550 SE Martin Luther King Jr Blvd, 97214 | 3,980 | 2025 |
| Block 216 | 560 SW 10th Avenue, 97205 | 168,464 | 2023 |
| 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 |
| 850 SE 3rd Ave | 850 SE 3rd Ave, 97214 | 39,540 | 2020 |
| 7 Southeast Stark | 7 SE Stark Street, 97214 | 78,298 | 2019 |
| Gresham Flex Building | 454 SE 187th Ave, 97233 | 8,193 | 2019 |
| Gresham Flex Building | 454 SE 187th Ave, 97233 | 8,193 | 2019 |
| Clay Pavilion | 120 SE Clay Street, 97214 | 78,000 | 2018 |
See reports for other markets
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- Eugene Office Rent Price
- Beaverton Office Rent Price
- Vancouver Office Rent Price
- Lake Oswego Office Rent Price
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- San Diego Office Rent Price
- Austin Office Rent Price
- Atlanta Office Rent Price
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- San Antonio Office Rent Price
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.