The Portland industrial market continues to compress with a total of 4.3 million sq. ft. of new construction completed in 2018 yet little to no growth in the vacancy rate.
The markets which led leasing activity for Q4 2018 were Northwest and Southeast with a combined absorption of over 333,000 sq. ft. The Clark County submarket recorded the largest decrease in vacancy shrinking by 60 bps followed by Southeast with 50 bps, and Northeast with 40 bps.
Portland industrial concluded Q4 2018 with 626,481sq. ft. of positive net absorption and was almost equally spread throughout all other major submarkets.