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Portland Office Space In-depth
The Portland office space market has gotten off to a solid start in Q4 of 2007. Economic indicators in Oregon have staggered between slightly negative and slightly positive over the past quarter with the employment rate in Portland hovering at 5 percent and February job growth registering a 1 percent gain over the past year. While this level of job grow... Read More
Portland Office Space In-depth
The Portland office space market has gotten off to a solid start in Q4 of 2007. Economic indicators in Oregon have staggered between slightly negative and slightly positive over the past quarter with the employment rate in Portland hovering at 5 percent and February job growth registering a 1 percent gain over the past year. While this level of job growth is modest, the Portland metro area is still outpacing the national average, increasing office space in Portland. Year-over-year job losses have been felt in the manufacturing and financial activities sector, while the professional and business services, education and health services and government sectors have all seen year-over-year job gains, albeit modest ones. Therefore, much Portland office space for sale and Portland office space for lease remain available and ready to occupy quickly. This will remain true in 2008 and 2009 as well as the economy is showing signs of a rapid slowdown.
If the economy is slowing down, why then is the Portland office space market continuing to improve with vacancy dropping and solid net absorption? Real estate is a double-lagging indicator of the economy. Portland office space absorption is a lagging indicator of job growth, which is itself a lagging indicator of economic activity. 2007 job growth in Portland was stronger than initially reported with the Employment Department revising its numbers for annual job growth up from 1.7 percent to 2.1 percent for the year. Additionally, further analysis reveals that job growth was strongest in the beginning of the year, increasing the need for Portland office space. The strength in the current Portland office space market can be credited to this solid job growth during 2007. As the economy slows, we can expect that the Portland office space market will begin to reflect these changes later this year.
In the meantime, the Portland office space market saw solid activity in the first quarter of 2008. Overall vacancy is down 20 basis points from last quarter to 11.3 percent and net absorption registered over 490,000 square feet. The construction pipeline began to fill several quarters ago and product is beginning to move through the pipeline, however, new starts have leveled off and 1.4 million square feet is currently under construction. Just under 350,000 square feet of office space in Portland was delivered to the market in the first quarter with over half of that product spoken for before final delivery. Expand, open or relocate your business with Portland office space and get in front of the slowing economy.
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