Average Rental Rate
12-Month Rent Growth
SF Under Construction
Rivergate is located northwest of Downtown Portland, at the confluence of the Columbia and Willamette rivers just west of Interstate 5. Home to the Port of Portland's Terminal Six, it is the primary entry point for international shipping into the metro, also serviced by multiple heavy rail lines.
Several logistics parks are located on the northeast side of the submarket, taking advantage of the proximity to these shipping nodes. Remaining raw land is becoming scarce and future potential development is somewhat limited geographically. The central portion of Rivergate is encumbered by a large wetland area, along with Bybee and Smith Lakes. Further southeast, the neighborhood runs into established single-family homes in the St. Johns area near Pier Park. These constraints should put a ceiling on vacancies to a certain degree, as substantial oversupply risk is likely minimal.
Major tenants present include Georgia Pacific Corporation, sole occupant of a 600,000-SF asset on Lombard Street, and locally headquartered Columbia Sportswear, which owns and occupies an 814,000-SF distribution center adjacent to Terminal 6 and the Union Pacific Railroad.
14400 N. Lombard Street, a 200,000 SF Class A distribution warehouse delivered in 21Q1 at the Rivergate Corporate Center VI, while Amazon's 918,000- SF build-to-suit distribution center delivered in 18Q3, the submarket's first project to come online since 2012.
No significant rental rate activity was reported this quarter.
No significant leasing activity was reported this quarter.