Portland, OR - Office Market Overview
The Portland Metropolitan Area includes the Downtown, Goose Hollow, and Kerns office space submarkets. With a metropolitan population of just under 2.4 million, Portland is the largest city in Oregon. Located at the junction of the Willamette and Columbia Rivers, the city is also a major shipping port in the U.S. The city's excellent geography attracts a diverse variety of businesses that create while-collar office employment.
As of mid-2017, the Greater Portland office market encompasses nearly 32 million square feet of existing office space in properties larger than 50,000 square feet. Portland has become a metropolitan business cluster for manufacturing, transportation, consumer goods, and high-technology companies, which all create constant demand for Portland, OR, commercial real estate.
Portland, OR - Office Inventory Description
Nicknamed 'Silicon Forest', Portland is home to more than 1,000 technology companies of all sizes. With a gross metropolitan product of nearly $150 billion, there is robust demand for office space in the metro area. Nearly 54% of the office space in Portland is Class A or A+, with Class B property contributing another 46% of inventory to the office space market.
The Pearl District office submarket in Portland sees some of the greatest demand for Class A office space in the region. Located between West Burnside Street and the Willamette River, this submarket is home to prestigious office properties such as the M Financial Plaza, the Lovejoy Block One building, and the historic Albers Mill office building at 1200 NW Naito Parkway, right along the river.
Portland, OR Commercial Inventory Breakdown
Office Spaces
Total: 36,902,631 SF
By square footage range:
- 50k to 100k SF: 7,991,762 SF / 21.66% of total office
- 100k to 500k SF: 23,044,607 SF / 62.45% of total office
- 500k to 1M SF: 4,793,262 SF / 12.99% of total office
- > 1M SF: 1,073,000 SF / 2.91% of total office
By class:
- Class A+: 1,657,888 SF / 4.49% of total office
- Class A: 18,668,201 SF / 50.59% of total office
- Class B: 13,552,921 SF / 36.73% of total office
- Class C: 968,661 SF / 2.62% of total office
Portland, OR - Green Office Space
Portland is known as one of the most environmentally friendly cities in the world, so it's no surprise that the 2017 National Green Building Adoption Index ranked Portland 16th out of the top 30 major U.S. markets for green energy buildings. Nearly 4% of the office buildings larger than 50,000 square feet in Portland are LEED-certified, while over 6% are Energy Star-rated, and nearly 10% are otherwise certified green buildings.
The U.S. Bancorp Tower on SW 5th Avenue in the Downtown Portland office market is an amazing example of a high-rise green office building in Portland. This energy-efficient office property proudly boasts a LEED Silver certification. Built in 1973, the Tower has over 1 million square feet of office space and first-floor retail amongst its 42 stories.
Over the years, the percentage of green and energy-efficient buildings in the U.S. has steadily grown. In 2005, the percentage of green certified buildings was less than 5% compared to today's share of 38%.
Portland, OR's Top Office-Using Sectors
The commercial real estate market in Portland benefits from the city's energy and resources, strategic geographic location, and integrated transportation network. The high-technology, manufacturing, transportation, and corporate headquarters are some of the varied business sectors that create white-collar employment in Portland.
- High-Technology – Nicknamed the “Silicon Forest,” high-technology companies such as Intel, Network Computing Devices, CollegeNET, OpConnect Electric Vehicle Charging System, and EcoZoom all generate demand for Class A office space in Portland.
- Manufacturing – Portland is home to both traditional and light manufacturing companies such as Schnitzer Steel Industries, Oregon Steel Mills, ESCO Corporation, Nike, Adidas, and Hi-Tec Sports.
- Transportation – The Port of Portland is the third-largest on the west coast, and home to businesses such as Daimler Trucks North America, Consolidated Freightways, Columbia River Shipbuilding Company, and SeaPort Airlines.
- Corporate Offices – Umpqua Holdings, Wieden+Kennedy, Fred Meyer, New Seasons, and Laika are some of the varied businesses headquartered in the city and among the top office users in Portland.
Portland Demographics
Population
- Total Population630,331
- Male Population(49.5 %) 312,021
- Female Population(50.5 %) 318,310
- Median Age36.80
Income/Financial
- Average Household Income$85,335
- Median Household Income$61,532
- Median Income Under 25$27,524
- Median Income 25-44$69,538
- Median Income 45-64$68,134
- Median Income Over 65$42,841
News
Are You Living in One of the Cities Where Commuting Time Increased the Most or Least?
August 13, 2019
If you live and work in the U.S., you likely have some form of commute to work. Whether you take the train or go by car, bus or subway – or all of the above – commuting takes up a large amount of your personal time that can often lead to frustration. Spending hours in …
The Public Service Building in downtown Portland is a 16-story office building with a rich history. The structure has been listed on the National Register of Historic Places since 1976 and its name gives us a clue about its past. It was originally built to house the offices of the Pacific Power ...
The calendar is starting to stack up with a range of exciting Commercial Real Estate (CRE) events to attend in the second half of 2019. Here is an extensive list of the upcoming shows, expos, and CRE events. New England Conference & Deal Making July 16 – 17, 2019, Boston, Massachusetts, U.S. Thi...
Cities near Portland, OR
Neighborhoods
- Argay Office Space
- Boise Office Space
- Buckman Office Space
- Central Gresham City Office Space
- Cherry Park Office Space
- Corbett - Terwilliger - Lair Hill Office Space
- Cully Office Space
- Downtown Portland Office Space
- Eliot Office Space
- Goose Hollow Office Space
- Hazelwood Office Space
- Hollywood Office Space
- Homestead Office Space
- Hosford - Abernethy Office Space
- Kerns Office Space
- Lloyd District Office Space
- Multnomah Office Space
- Nob Hill - Northwest District Office Space
- North Tabor - Center Office Space
- Northeast Gresham Office Space
- Northwest Forest Park - Willamette Heights Office Space
- Northwest Industrial Office Space
- Old Town Portland - Chinatown Office Space
- Overlook Office Space
- Parkrose Office Space
- Rose City Park Office Space
- South Waterfont Office Space
- Sylvan Highlands Office Space
- The Pearl Office Space
- Wilkes Office Space
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Cities near Portland, OR
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