Portland office concluded Q3 2019 with minimal impact to market fundamentals. Vacancy remained steady while net absorption was positive at 49,786 sq. ft. market wide.
Average asking lease rates increased by 3.7% year-over-year. Downtown class B office had the largest annual increase, with an overall growth of 11.6% since Q3 2018.
Overall year-to-date net absorption remained positive at 188,261 sq. ft. Leasing in the suburban submarkets was the primary driver, ending Q3 2019 at 218,874 sq. ft. positive net absorption year to date.