Tenant growth generated 1.1 million sq. ft. of total net absorption for the year in Portland, OR. Although this fell below the previous year-end net absorption total, over 70% of Portland’s 2018 industrial absorption was due to build-to-suit construction projects leaving 2019’s absorption on par with the previous year.
The Northeast submarket alone has had a large amount of new space developed that has gradually leased over the last 12 months. Key markets and areas had greater amounts of competition, with space in the Clark County and the Sunset Corridor submarkets being the tightest.
Over 2.5 million sq. ft. of new space is actively under construction throughout the Portland market.