Average Rental Rate
12-Month Rent Growth
SF Under Construction
NW Close-In sits west of the north end of Portland's CBD, with most assets made up of creative and medical office spaces. Legacy Good Samaritan Medical Center is
situated in the center of the submarket, with a variety of smaller medical offices located close by.
Adidas occupies approximately 80,000 SF at Montgomery Park, roughly four miles from its North American headquarters to the east. The Montgomery Park building also houses sizable WebMD and Kaiser Permanente offices. OnPoint Community Credit Union is also headquartered at Montgomery Park and employs about 600 people across Portland. XPO Logistics is the submarket's largest tenant and primary occupant of the 233,000-SF 2055 NW Savier St building.
Vacancies have trended steadily upward since 2019. The renovation of several existing projects into creative space, as well as the delivery of a few major 4 Star
projects have driven this trend. Available space at these projects still remains high as of 2023Q2.
As of the second quarter of 2023, year-over-year rent growth in NW Close-In reflected gains of 2.1%, versus the larger metro performance of 1.6% gains. Influenced by the effects of continually changing physical space needs – which are hampering lease-up efforts at several newer deliveries – office rent growth appears to have a low ceiling for the time being.
No significant rental rate activity was reported this quarter.
No significant leasing activity was reported this quarter.