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Portland multifamily supply is falling roughly 60% year-over-year with inventory additions near 3.0%, quietly improving vacancy and rent metrics as demand tailwinds settle in.
Historical Supply Growth in Portland-Vancouver-Hillsboro, OR-WA CBSA: 2018: 6.3% 2019: 11.6% 2020: 6% 2021: 2.4% 2022: 1.4% 2023: 0% 2024: 1.4% 2025: 1% 2026: .04% The Portland metropolitan area saw substantial overbuilding during the 2017 to 2020 cycle, with large volumes of new supply delivered in 2019. Even so,…
Fundamentals Hold Amid Headwinds Portland’s average advertised asking rent was unchanged on a trailing three-month basis as of April, at $1,736. This marked an improvement over the first quarter of 2026, when rates contracted. Meanwhile, the U.S. figure increased 0.2%, to $1,758. The market’s occupancy rate in…
Portland's industrial market in Q1 2026 experienced direct vacancy rising to 6.5% (a 15-year high), up 160 basis points year-over-year, with asking rents averaging $0.87 PSF NNN under pressure from increased concessions and sublease activity, while net absorption remained negative at -872,345 SF and leasing volume improved 31% year-over-year to 2.5 million square feet. The regional unemployment rate for Portland-Vancouver-Hillsboro MSA reached 4.9% as of December 2025 (up from 4.1% year-prior), manufacturing employment declined 4.3% year-over-year to 114.7k jobs, and meaningful market recovery is not expected until at least 2027 due to continued supply deliveries and uneven absorption across submarkets.
This is a data-figures report published by CBRE on March 31, 2026, presenting industrial sector figures for Portland, Oregon in the first quarter of 2026.
The Portland multifamily market in Q2 2026 maintained a 7.1% vacancy rate with average asking rents of $1,656 per month, remaining essentially flat year-over-year despite positive net absorption of 2,604 units year-to-date. Construction activity declined significantly, with units under construction falling 35.9% to 4,215 units and year-to-date deliveries down 24.8% to 1,813 units, while average sale prices per unit decreased 12.9% to $182,489 and cap rates increased to 6.4%.
The Portland office market in Q2 2026 showed stabilizing vacancy at 15.3% with positive year-to-date net absorption of 173,519 SF, though quarterly net absorption remained negative at -29,025 SF, while average asking rents declined 2.4% year-over-year to $29.16 PSF. The regional unemployment rate stood at 4.7% as of May 2026, and the market is expected to remain tenant-favorable in the near term with limited new construction in the pipeline.
This is a retail market data and figures report for Portland, Oregon published by CBRE in the first quarter of 2026. The report covers retail sector metrics for the Portland market as of March 2026.
Portland's retail market in Q2 2026 maintained a vacancy rate of 4.7% while average asking rents reached $2.02 per square foot per year, up 2.66% year-over-year, with the market recording positive net absorption of 45,624 square feet despite limited construction deliveries of only 10,004 square feet year-to-date. Investment activity strengthened significantly as average retail sale prices surged 92.12% year-over-year to $335 per square foot, while the development pipeline remained relatively steady at 514,643 square feet under construction and average cap rates declined to 6.6%.
Portland's office market in Q4 2025 experienced elevated vacancy at 24.3% and negative net absorption of 1.6 million square feet year-to-date, driven by tenant downsizing and limited backfill, while asking rents held steady at $33.57 per square foot as landlords used increased concessions and tenant improvement allowances to compete amid declining employment and reduced hiring. Class A properties with modern amenities and sustainability features commanded stronger pricing, while older commodity office space faced greater competitive pressure, with leasing activity concentrated in newer buildings and suburban submarkets rather than the CBD and central core.
Portland's industrial market experienced rising vacancy and softening employment in Q3 2025, with the vacancy rate climbing to 6.2% as new deliveries outpaced demand, while nonfarm employment fell 0.6% and the unemployment rate rose to 4.8%. Average asking rents remained flat at $0.93 per square foot on a monthly triple-net basis, with landlords maintaining pricing through concessions and lease flexibility rather than rate reductions, though nearly 1.6 million square feet remained under construction across the market.
Portland's office market experienced weakening fundamentals in the second quarter of 2025, with unemployment rising to 4.5%, office vacancy reaching a record high of 24.3%, and net absorption declining by 311,820 square feet despite modest job gains in education, health services, and information sectors. Average asking rents dipped slightly to $31.30/SF while leasing activity remained subdued, with tenants increasingly favoring affordable suburban submarkets over the downtown core, and no new office construction projects underway amid challenging market conditions.