A shortage of large office space in downtown Portland is forcing more businesses to move out to the suburbs, although they are less than desirable to many businesses.
Fresh off its third straight quarter of positive net absorption, Portland’s central business district now has available just one Class A space larger than 40,000 square feet, according to one local real estate professional. However, at least six comparable spaces exist in suburban cities.
“There are over 10 companies in downtown Portland that require 50,000 square feet or more of space (that have lease deals coming up) over the next 36 months,” said Brian Owendoff, managing director of CB Richard Ellis. “Due to the lack of large blocks of space in downtown, these firms will either be forced to split operations into multiple buildings, sign long-term leases that will precipitate new construction in the urban core or relocate to one of the numerous large blocks of suburban office space.”
Read more at the Daily Journal of Commerce.