Okay, so when people ask me what I do and I say “commercial real estate”, they typically respond with “ohhh” and then move on to someone else’s professional pursuits. Admittedly, the daily processes involved with pulling together a good commercial real estate package can be mundane at times. But at its core, the industry is all about sharing information. This is where the business becomes intriguing and fun; knowing what businesses are coming and going, contracting and growing, and how much it cost. On top of this, you get an unbelievable education on the types of niche’ businesses in the market (see our Piece of the PDX Pie monthly feature at the bottom).
Fascinating like the study of blackholes or earthworm reproduction, well no, but being behind the scenes of what makes Portland’s business environment tick is definitely cool. So, with this said, my partner and I thought we would share a little of the “behind the scenes” activity with readers.
For ease of use, we have created a few test indices (by industry) of various transactions in the Portland market. We can add industries and welcome suggestions for other information/statistics you would find helpful or interesting. Our intention is to update this information as it occurs, with this initial post reflecting transactions dating back to the beginning of the Third Quarter 2008 (July 1, 2008).
We have also included some market comps so that you can see where deals are being struck in the various submarkets of Portland/Vancouver.
Comps Around Town
|
|
Submarket |
Size |
Term |
Rate |
Free Rent |
New/Renew |
Bldg Type |
|
|
Beaverton |
6500 |
5 yrs |
$17.00 |
none |
New |
Class B |
|
|
CBD |
3800 |
5 yrs |
$24.00 |
2 mths |
Renew |
Class C-H |
|
|
CBD |
3600 |
3 yrs |
$21.00 |
2 mths |
New |
Class B |
|
Eastside |
4100 |
5 yrs |
$19.00 |
none |
New |
Class C |
|
|
|
Vancouver |
9500 |
10 yrs |
$24.00 |
6 mths |
New |
Class A |
TechDex (apps|hardware|provider|var)
TripWire – One Main Place | 101 SW Main St. | 33,062 SF
Iterasi – Pioneer Arts Building | 715 SW Morrison St. | 4,141 SF
CompanionLink - One Main Place | 101 SW Main St. | 3,000 SF
Infinity Internet – Portland Medical Cntr | 511 SW 10th Ave. | 10,000 SF
- Durham Plaza | 16650 SW Boones Ferry | 4,875 SF
Corrigo – Tualatin Commons | 8215 SW Tualatin Sherwood Rd. | 8,178 SF
Lunarr – 5 Lincoln | 10200 SW Greenburg Rd. | 2,660 SF
Prince Telecom – 14215 NW Science Park | 3,525 SF
Linden Technologies – Cornell West | 1500 NW Bethany Blvd. | 1,569 SF
Trivium Systems – Twin Oaks Exec. Cntr | 1865 NW 173rd Plc. | 1,288 SF
Healthco Information Systems – 7657 SW Mohawk St. | 9,119 SF
SQLSoft Inc. – Cornell West | 1500 NW Bethany Blvd. | 5,235 SF
Veicon Technology – WCI Building | 19720 NW Tanasbourne Dr. | 2,325 SF
Retail Dimensions – 4800 SW Griffith Dr. | 1,680 SF
Cypress Semiconductor – Creekside Corp Park | 9125 SW Gemini Ave. | 4,300 SF
Comsys – 3 Lincoln | 10220 SW Greenburg Rd. | 9,156 SF
MediaDex (traditional|digital|research)
Harris Interactive – Riviera Plaza | 1618 SW First Ave. | 2,727 SF
RumbleFish – OMCC | 107 SE Washington St. | forthcoming
Downstream Digital – Fremont Place | 1650 NW Front Ave. | 16,521 SF
Pyramid Communications – 526 NW 13th Ave. | 3,630 SF
Audient Consulting – OMCC | 107 SE Washington St. | 2,696 SF
Yellowpages.com – One Main Place | 101 SW Main St. | 6,956 SF
Liquid Agency – Triangle Building | 1800 NW 16th Ave. | 2,971 SF
Lakonic Partners Inc. – Mikado Building | 117 SW Taylor St. | 3,610 SF
Rubicon Interactive – Pacific Corp Center | 15350 SW Sequoia Pkwy. | 2,709 SF
MKTX Inc – Creekside Corporate Center | 8205 SW Creekside Plc. | 2,210 SF
MSN Communications – Kruse Woods II | 5335 Meadows Rd. | 2,515 SF
Database Marketing – Cascade Plaza West | 12665 SW Center St. | 6,833 SF
Angelvision – Hilltop Business Cntr | 7300 SW Hunziker Rd. | 5,264 SF
ReachLocal Inc. – 1 Lincoln | 10300 SW Greenburg Rd. | 4,374 SF
Seamless Event Solutions – 12838 NE Airport Way | 5,760 SF
DesignDex (A/E|graphic d)
- OMCC | 107 SE Washington St. | 1,200 SF
Dull Olson Weekes – Federal Reserve Building | 915 SW Stark St. | 13,624 SF
Robertson Architecture Inc. – 1512 SW 18th Ave. | 2,300 SF
Walker Macy – Failing Building | 111 SW Oak St. | 11,107 SF
PNG Environmental – Hampton Oaks | 6655 SW Hampton St. | 1,960 SF
Geoengineers – Pacific Corp Center | 15055 SW Sequoia Pkwy. | 8,638 SF
Heery International – Sunset Business Park | 9600 SW Barnes Rd. | 4,143 SF
West Yost Associates – Lakeside Center | 8100 SW Nyberg Rd. | 5,315 SF
Smith Monroe Gray – Cascade Square | 8628 SW Cascade Ave. | 8,052 SF
Locating Inc. – Airport Business Center | 6601 NE 78th Ct. | 4,121 SF
SustainDex (Environmental|Sustainable|Clean/Bio Tech)
Ecology and Environment Inc. – Oregon Trail Bldg | 333 SW Fifth Ave. | 7,806 SF
Conservation Services Group – Market Square | 1515 SW Fifth Ave. | 3,782 SF
Brookfield Power – Desoto Building | 720 NW Davis St. | 6,403 SF
Vestas – 2000 SW First | 2000 SW First Ave. | 12,103 SF
rePower USA Corp – One Main Place | 101 SW Main St. | 1,557 SF
Garrad Hassan America Inc – Oregon Trail Bldg | 333 SW Fifth Ave. | 1,855 SF
Particle Measuring Systems Inc.
- 1100 NW Compton Dr. | 1,518 SF
PIECE OF THE PDX PIE! - October 2008
Plas2Fuel – A privately-held alternative energy company who converts mixed
waste plastics into synthetic crude oil and other valuable petrochemical
products. Finally you can take all of those old baby toys and use them to fuel
your Escalade!
Authors/Experts
Kristin Hammond and Mark McFarland have over 30 years of combined experience representing tenants with commercial real estate requirements. At Pacific Real Estate Partners (PREP), we help businesses assess and respond to their real estate priorities in a consistent, efficient, and cost effective manner. For more background, click on the Authors tab at the top of the page.
