Tenant Advisor JLL Portland - May 2017

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The Q1 2017 West Coast Economic & Office Overview highlights our major real estate markets including San Francisco, Seattle, Silicon Valley, NorCal, Portland, LA, and San Diego. We have seen more than half of all West Coast markets now have unemployment below 4.0 percent. Q1 absorption totaled 1.8 m.s.f. while here in Portland, we have the 3rd lowest office vacancy on the West Coast after San Francisco and Seattle and the 3rd lowest office rents on the West Coast with only Sacramento and North Bay being cheaper than Portland.

When looking for a new office space, you have to juggle factors like location, layout, amenities, lease flexibility and—perhaps most important of all—rental rates. A holistic view of your real estate considers both the hard costs like rent and utilities as well as their residual impact on the people who work there.

Portland is a great place to live with strong market fundamentals. The city has become a highly desirable location for tech companies looking to expand and tech accounts for 35% of all market leasing activity.

Despite being at a historic disadvantage given the city’s demographics, Portland’s tech community is redoubling its efforts to promote diversity within the industry.

Trending in the Area

Gathrly is an in-person marketing platform connecting businesses with communities via an event collaboration marketplace. Millions of event organizers are looking to connect with relevant businesses and sponsors.

EY has recognized six Portland entrepreneurs for their regional Entrepreneur Of The Year award, founded by EY. The award recognizes those individuals that have created products and services that help continue to grow the economy.

We have seen many start ups that have failed, not because their products are not good but because they failed to master the three core competencies of a successful business.

JLL Research

Development in the urban core is providing tenants that are looking for larger blocks of space with more options. Pent-up demand from deals signed in 2016 is tempering first quarter absorption numbers. New construction pricing continues to push rents higher as CBD Class A space below $30.00 per square foot dries up.
New development in the urban core continues to be a market driver. The record amount of construction is starting to ease pressure in a tight market but the new and better quality product hitting the market is pushing rents to new highs.

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