NAI Norris, Beggs & Simpson just completed their newly rebranded First Quarter Market Reports. Not only does it feature a brand new format, but the report ensures accuracy due to the annual truing up of their database.
Below are highlights, but the full reports are also found here.
Major Highlights:
Office:
· The Central City office market’s vacancy rate saw little change at 10.92% with negative absorption of 111,443 sf.
· With a vacancy rate of 14.6%, the Suburban office market benchmarked another record-low since 2008, and ended First Quarter with a positive 253,906 sf absorption.
· The Vancouver office market’s vacancy was all but unchanged at 10.38%, having several lease-ups under 3,000 sf. Activity may pick-up within the year, especially since Clark County attained a major economic milestone by recovering all of its 10,000 jobs it lost in the Great Recession.
Industrial:
· Industrial vacancy dropped to 8.91% with positive absorption of 650,843 sf. This is the lowest vacancy and highest absorption since 2007.
· As the second lowest rate since 2001, the 11.35% flex vacancy this quarter reflected the expansion seen in the latter half of 2013.
Retail:
· The First Quarter retail vacancy remained flat at 6.20% from 2013 over last quarter.
· Albertsons announced two more Clark County grocery stores closures, and Nordstrom said it will close its stores at Westfield Vancouver mall and Portland’s Lloyd Center in 2015.
Multifamily:
· Portland currently reigns as the seventh hottest apartment boomtown, ahead of both Seattle and San Francisco.
· The multifamily market boasted another healthy 2.46% vacancy rate with rents jumping north of $235 from last quarter and both permits and construction still on the climb.
