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: 33,301,026 SF
By square footage range:
- 50k to 100k SF: 6,755,002 SF / 20.28% of total office
- 100k to 500k SF: 20,898,421 SF / 62.76% of total office
- 500k to 1M SF: 3,574,603 SF / 10.73% of total office
- > 1M SF: 2,073,000 SF / 6.23% of total office
By class:
- Class A+: 1,657,888 SF / 4.98% of total office
- Class A: 17,117,557 SF / 51.4% of total office
- Class B: 12,645,646 SF / 37.97% of total office
- Class C: 179,053 SF / 0.54% of total office
Top 10 Largest Office Buildings
in Portland
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| U.S. Bancorp Tower | 111 SW 5th Avenue, 97204 | 1,073,000 | 1973 |
| Zidell Yards | 3121 SW Moody Avenue, 97239 | 1,000,000 | n/a |
| Montgomery Park | 2701 NW Vaughn Street, 97210 | 850,540 | 1986 |
| Wells Fargo Center | 1300 SW 5th Avenue, 97201 | 611,052 | 1970 |
| Park Avenue West | 760 SW 9th Avenue, 97205 | 546,000 | 2016 |
| Daimler Trucks North America - Corp 1, 8 & 9 | 4747 North Channel Avenue, 97217 | 544,850 | 1977 |
| Pacwest Center | 1211 SW 5th Avenue, 97204 | 522,161 | 1984 |
| World Trade Center | 121 SW Salmon Street, 97204 | 500,000 | 1978 |
| The Standard Insurance Center | 900 SW 5th Avenue, 97204 | 459,504 | 1968 |
| Block 300 | 333 SW 1st Avenue, 97204 | 440,000 | 1991 |
Most Recently-Built Office Buildings
in Portland
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Leland James Center | 1621 NW 21st Avenue, 97209 | 133,009 | 2017 |
| Under Armour Portland Headquarters | 2815 SW Barbur Blvd, 97201 | 108,698 | 2017 |
| The Fair-Haired Dumbbell | 11 NE Martin Luther King Jr. Blvd, 97214 | 56,389 | 2017 |
| 1010 NW Flanders Street | 1010 NW Flanders Street, 97209 | 56,186 | 2017 |
| 12th & Morrison | 1155 SW Morrison Street, 97205 | 56,092 | 2017 |
| Park Avenue West | 760 SW 9th Avenue, 97205 | 546,000 | 2016 |
| Pearl West | 1455 NW Irving Street, 97209 | 155,661 | 2016 |
| Clay Creative | 1615 SE 3rd Avenue, 97214 | 66,943 | 2016 |
| 511 NW Broadway Federal Building | 511 NW Broadway, 97209 | 145,700 | 2015 |
| Washington High School | 531 SE 14th Avenue, 97214 | 113,505 | 2015 |
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 Population612,206
- Male Population(49.4 %) 302,330
- Female Population(50.6 %) 309,876
- Median Age36.60
Income/Financial
- Average Household Income$76,685
- Median Household Income$55,003
- Median Income Under 25$25,923
- Median Income 25-44$61,236
- Median Income 45-64$60,850
- Median Income Over 65$39,328
- Boise Demographics
- Bridlemile Demographics
- Buckman Demographics
- Corbett - Terwilliger - Lair Hill Demographics
- Downtown Portland Demographics
- Eliot Demographics
- Goose Hollow Demographics
- Hazelwood Demographics
- Hollywood Demographics
- Homestead Demographics
- Hosford - Abernethy Demographics
- Kerns Demographics
- Lloyd District Demographics
- Madison South Demographics
- Multnomah Demographics
- Nob Hill - Northwest District Demographics
- North Tabor - Center Demographics
- Northeast Gresham Demographics
- Northwest Forest Park - Willamette Heights Demographics
- Northwest Gresham Demographics
- Northwest Industrial Demographics
- Old Town Portland - Chinatown Demographics
- Overlook Demographics
- Portland Heights Demographics
- Rose City Park Demographics
- South Waterfont Demographics
- Sylvan Highlands Demographics
- The Pearl Demographics
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Cities near Portland, OR
Portland, OR zip codes
- 97030 Office Space
- 97201 Office Space
- 97202 Office Space
- 97204 Office Space
- 97205 Office Space
- 97209 Office Space
- 97210 Office Space
- 97211 Office Space
- 97213 Office Space
- 97214 Office Space
- 97217 Office Space
- 97219 Office Space
- 97220 Office Space
- 97221 Office Space
- 97227 Office Space
- 97229 Office Space
- 97230 Office Space
- 97232 Office Space
- 97233 Office Space
- 97239 Office Space
- + More - Less
Neighborhoods
- Boise Office Space
- Bridlemile Office Space
- Buckman Office Space
- Corbett - Terwilliger - Lair Hill 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
- Madison South 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 Gresham Office Space
- Northwest Industrial Office Space
- Old Town Portland - Chinatown Office Space
- Overlook Office Space
- Portland Heights Office Space
- Rockwood Office Space
- Rose City Park Office Space
- Sellwood - Moreland Office Space
- South Waterfont Office Space
- Sylvan Highlands Office Space
- The Pearl Office Space
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Cities near Portland, OR
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