Figures
Portland Office Figures Report Q1 2025
Downtown Portland continues to capture more office leasing activity than suburbs
April 10, 2025 10 Minute Read
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Portland’s office market fundamentals remained relatively unchanged throughout the first quarter of the year, despite negative absorption and a rise in vacancy. The overall asking lease rate rose to $33.22 per square foot annually on a full-service gross (FSG) basis, buoyed by a rise in class B asking rents. For the fourth consecutive quarter, downtown office buildings captured more leasing volume by square footage in the 5,000 sq. ft. plus range than suburban office buildings. Notably, however, suburban vacancy remains well below downtown vacancy, at 33.8% and 15.9% respectively.