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|Articles - February 2011|
|Thursday, January 27, 2011|
Low vacancy rates in the Portland retail, office and industrial real estate sectors have made the city a good choice for investors looking to put money back into the market.
In a recent forecast of commercial real estate, Portland placed in the top 10 U.S. cities for office, retail and industrial real estate investment opportunities. The report, released by Grubb & Ellis, a Portland commercial real estate firm, found Portland to have an overall vacancy rate of around 10%. This placed Portland third on the report’s list of 47 cities, just below New York and Washington, D.C., for investment opportunities.
Portland fared best in retail, with a vacancy rate of 6.1%. New York ranked first in that category at 2.0% and D.C. was second at 5.5%. The average vacancy rate for retail space last year was 10.9% nationally. Industrial vacancy rates in Portland floated around 8%, with New York and D.C.’s rates at 5.4% and 12.8%.
Thirteen variables ranging from forecasted population growth to median income and proposed number of jobs over the next five years were analyzed by researchers for the report.
While Portland may face high unemployment, it’s still considered a safe market for investors because the market was not overdeveloped when the economy went sour. “It’s more of a reflection about supply than demand,” says David Hill, senior investment specialist at Grubb & Ellis. “We never got overbuilt; the downtown in particular has shown more resilience.”
This is particularly true for the retail sector and is one of the strongest draws for companies wanting to enter the Portland market. With limited space, competition for national retailers is high. It took a deal two years in the making to bring retail clothing giant H&M to downtown Portland, which opened late last year. The space was formerly held by Saks Fifth Avenue.
“National retailers who want to get in Portland haven't been able to,” says Hill. “It’s very difficult to find a space in the area to build new retail [space]. You can’t just keep building new buildings; the economics are not always there. The market here doesn’t move quite as fast.”
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BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
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BY LINDA BAKER | OB EDITOR
Remember the naysayers? Those who called the South Waterfront aerial tram a boondoggle? Those who rejoiced at the massive sell off of luxury condos at the John Ross and Atwater Place?
Tuesday, August 19, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."
Monday, July 07, 2014
BY TOM COX | OB BLOGGER
Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.
Wednesday, July 02, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.
Friday, August 22, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
When business intersects with family, a host of situations can arise. Without a clear vision and careful planning, hard-earned investments can become stressful burdens.
Monday, August 18, 2014
Portland is in the middle of another construction boom, with residential and office projects springing up downtown, in the Pearl and Old Town. OB Web Editor Jessica Ridgway documents the new wave.
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