March 24, 2025
The greater Portland office market faced continued challenges in Q4 2024. During the quarter, tenants vacated more than 262,000 square feet, bringing the overall vacancy rate to 24.4%. While the market-wide vacancy rate has increased by more than three percentage points in the last 12 months, Q4 marks the third consecutive quarter in which the pace that vacant space has come back to the market has slowed. Vacancy rates remain the highest in the Central Business District (CBD) at 34.7%. In the whole of 2024, net absorption surpassed negative 1 million square feet in the CBD. In the CBD Perimeter, vacancy rates fell by 40 basis points to 27%. Most notably, the Clark County submarket experienced a second consecutive quarter of positive net absorption, driving the vacancy rate to 8.3%.
