Portland's commercial real estate scene unceasingly getting stronger

“The boom cycle has been … longer than most others in commercial real estate. But we’re seeing that the fundamentals of the Portland market are really still here, largely fueled by tech growth. When tech is growing here, they’re taking down lots of space. But they impact everyone in traditional industries because they need CPAs and attorneys to support their businesses. So you’re seeing those more traditional industries growing as well.”

                                                           Photo Credit:  Oregon   Live

                                                          Photo Credit: Oregon Live

Vanessa Sturgeon, president and CEO of Portland’s TMT Development says the commercial real estate market in the area is going strong as we enter the second quarter of 2018. That growth continues, though it has been a longer-than-usual upward cycle, as the city’s tech sector drives the economy forward, she says.

Highlights of the podcast with Sturgeon include:

  • “The commercial real estate market in Portland continues to be hot. Office leasing is happening at a very steady clip. We’re seeing lots of larger blocks of space taken down and virtually all of the large spaces in Portland including some of the new properties in The Pearl are being leased out steadily. We’re at the point where we’re at a very tight market and it’s very much a landlord market.”
  • “The boom cycle has been … longer than most others in commercial real estate. But we’re seeing that the fundamentals of the Portland market are really still here, largely fueled by tech growth. When tech is growing here, they’re taking down lots of space. But they impact everyone in traditional industries because they need CPAs and attorneys to support their businesses. So you’re seeing those more traditional industries growing as well.”
  • But tech isn’t the only driver. “I would say right now the biggest strength is in industrial. You’re seeing a lot of folks in the institutional markets flock to industrial development, because…traditionally the cycle is getting a little long in the tooth. So people are focused on maybe other types of real estate like industrial as something that they want to get into.”

News Resource: Biz Journals