The commercial real estate market is heating up in the Portland metropolitan region.
A number of high-profile projects that stalled during the Great Recession have suddenly restarted. Several other large construction projects also are just getting underway.
But according to commercial real estate experts, new construction is only half the story — vacant office space in the region is rapidly filling up, foreshadowing even more construction in coming years.
“Coming out of the Great Recession, it wasn’t a pretty picture. There were a lot of empty office buildings. Vacancy rates were as high as 30 percent. But we’ve returned to just about normal in the last 36 months, and now it’s getting hard to find a lot of empty [office] space in many areas,” says Scott Weigel of CBRE, a commercial real estate services firm.
Read more at The Portland Tribune.