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Last year, about 2.3M SF of new industrial space came online in greater Portland, while the market absorbed 3.3M SF. Marketwide industrial vacancy is 3.9%, and rents were up 16% compared with last year, reports the Portland Business Journal.
Industrial space is being snapped up as fast as developers can build it. The situation is exacerbated by some really large leases. Amazon took 303k SF on the west side and will take another 855k SF in Troutdale next year, and CTDI inked a deal for 210k SF. The market is tight.
The dynamic is not expected to change this year, even though over 2M SF of industrial space will be delivered in 2017. Much of the new space will be in Eastside submarkets, including Troutdale and Gresham.
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