Portland, OR Office Overview
The Portland market includes the Boise, Lloyd District, and Kerns submarkets. With a metropolitan population of just under 2.4 million, it’s the largest city in Oregon. Located at the junction of the Willamette and Columbia Rivers, the city is also a major shipping port. The city's excellent geography attracts a variety of businesses.
As of mid-2017, the 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-tech companies, all of which create constant demand for commercial real estate.
Portland, OR Office Inventory Description
Nicknamed 'Silicon Forest', Portland is home to more than 1,000 tech companies. With an annual gross metropolitan product of nearly $150 billion, there is robust demand for office space in the metro area. Nearly 54% of the office space is Class A or A+, with Class B properties contributing another 46%.
Boise and the Lloyd District are two of the up and coming submarkets for Class A office space in the city. East the Willamette River and north of I-84, these submarkets are home to prominent properties such as The Silica, Lloyd Center Tower, and The Courtyard at One North.
Portland, OR Commercial Inventory Breakdown
Office Spaces
Total: 39,026,062 SF
By square footage range:
- 50k to 100k SF: 8,050,810 SF / 20.63% of total office
- 100k to 500k SF: 23,500,170 SF / 60.22% of total office
- 500k to 1M SF: 5,379,882 SF / 13.79% of total office
- > 1M SF: 2,095,200 SF / 5.37% of total office
By class:
- Class A+: 2,680,088 SF / 6.87% of total office
- Class A: 18,965,991 SF / 48.6% of total office
- Class B: 14,010,901 SF / 35.9% of total office
- Class C: 968,661 SF / 2.48% of total office
Top 10 Largest Office Buildings
in Portland
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Block 216 Tower | 936 SW Washington Street, 97205 | 1,022,200 | 2023 |
| Montgomery Park | 2701 NW Vaughn Street, 97210 | 850,540 | 1986 |
| South Waterfront Campus - Collaborative Life Sciences Building & Skourtes Tower | 2730 SW Moody Avenue, 97201 | 625,000 | 2013 |
| Wells Fargo Center | 1300 SW 5th Avenue, 97201 | 611,052 | 1970 |
| One Gantry Plaza | 3121 SW Moody Avenue, 97239 | 593,659 | n/a |
| 3800 SE 22nd Avenue | 3800 SE 22nd Avenue, 97202 | 586,620 | 1924 |
| 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 |
| World Trade Center | 121 SW Salmon Street, 97204 | 500,000 | 1977 |
| The Standard Insurance Center | 900 SW 5th Avenue, 97204 | 459,504 | 1968 |
Most Recently-Built Office Buildings
in Portland
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| OHSU Center for Health and Healing South | 3485 SW Bond Avenue, 97239 | 397,099 | 2019 |
| 7 Southeast Stark | 7 SE Stark Street, 97214 | 78,298 | 2019 |
| Redfox Commons | 2638 NW Wilson Street, 97210 | 63,000 | 2019 |
| Forum Building | 525 NE Oregon Street, 97232 | 56,048 | 2019 |
| South Waterfront Campus - Knight Cancer Research Building | 2720 SW Moody Avenue, 97201 | 320,000 | 2018 |
| Broadway Tower | 1455 SW Broadway, 97201 | 308,707 | 2018 |
| Field Office | 2035 NW 17th Avenue, 97209 | 287,216 | 2018 |
| Meier & Frank Building | 621 SW 5th Avenue, 97204 | 206,582 | 2018 |
| Tanner Point | 1250 NW 9th Avenue, 97209 | 183,052 | 2018 |
| Towne Storage Building | 17 SE 3rd Avenue, 97214 | 100,022 | 2018 |
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 Downtown Portland is a great example, and is proudly LEED-Certified Silver. Built in 1973, the 42-story Tower has over 1 million square feet of office space with retail on the first floor.
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
Portland benefits from the city's energy and resources, strategic geographic location, and integrated transportation network. The high-tech, manufacturing, transportation, and corporate headquarters draw talent to the area.
- High-Technology – Intel, Network Computing Devices, CollegeNET, OpConnect Electric Vehicle Charging System, and EcoZoom.
- Manufacturing – 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, with 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.
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
The handwringing over the latest exploits, likes and dislikes of millennials has become somewhat of a national sport. Some of the observations are the result of generational rivalry rather than insights into wide-ranging trends. Still, it’s essential to recognize that—given their sheer numbers—a...
Key takeaways: 682 million square feet of office space have been added across the country in the last 10 years. Campus-style tech companies greatly influenced the suburban expansion throughout the U.S. New York City, Chicago, and San Francisco grew the most on the fringes of the urban cores. The...
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 …