Construction and redevelopment have remained key topics for Portland office properties with construction found throughout the region. This new development has made way for expansion in prime submarkets along with bringing new life to historic buildings that are staples in the market.
Year-over-year, the average asking rent in the Downtown submarket increased by 4.7% to $35.14 per sq. ft. full service, while Suburban increased more modestly at 1.4% to $25.09 per sq. ft.
Overall year-to-date net absorption is positive at 145,253 sq. ft. The main driver of this has been leasing in the suburban submarkets which ended Q2 2019 at 242,486 sq. ft.