Boulos Co. report finds downtown Portland office vacancies remain low
Courtesy / The Dunham Group
In Portland, 100 Fore St. — home to WEX Inc. (NYSE: WEX) — had 15,458 square feet available for sublease six months ago. But the space has been filled by a new tenant.
The vacancy rate for downtown Portland’s Class A office buildings has fallen, though only slightly, according to a mid-year update on the market by Samantha Marinko, an associate at the Boulos Co.
A year ago, Marinko wrote, the vacancy rate for direct leasing was 3.75% or 90,527 square feet — a finding based on data compiled by the company each January with a focus on the 25 Class A office buildings and over 2.4 million square feet of space in downtown Portland.
The square footage was derived from five 10,000-square-foot spaces and a handful of smaller vacancies.
Today, the vacancy rate is 3.45% or 83,391 square feet, still largely attributable to five 10,000-square-foot vacancies.
“Though at only 0.3% there hasn’t been a change of much significance with the direct vacancy, the sublease rate reflects a bigger shift, and likely a greater trend that we will continue to see in the coming months and years,” Marinko wrote.
The sublease vacancy rate has shown more variation. In January it was 4.59%, compared with today’s rate of 6.37%. The 1.78% increase in six months suggests a trend likely to continue, she said.
“This will be something to keep an eye on,” she wrote. “As the dust from the pandemic continues to settle and leases begin to roll, tenants will be forced to make a decision as to how they consider their space needs and we will see those decisions reflected in the vacancy rates moving forward.”
To read the full report, click here.
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