Our First Quarter Market Report is out and the numbers are showing signs of stress under the economy. Tenants have greater leverage now as landlords are anxious to lease space and maintain rent rolls. The reality behind this is that landlords are not giving away the house in order to water the lawn. In other words, there are concessions and discounts to be had, but a landlord is not going to give rent abatement and build out allowances on a 2 year deal or less. The cost of unleased space is less than the cost of a short-term leased space with build out needs. And some submarkets (Central Business District) are not as vulnerable as others (Sunset Corridor) at this time.
Here are some of the latest numbers on vacancy, rents, and available square feet. For a complete copy of the report, contact me at kristin.hammond(at)pacific-re.com.
Central Business District (downtown core)
Overall Vacancy Rate: 8.82%
Average Rent: $22.00/SF
Available Sublease SF: 190,133 SF
Available Direct SF: 1,839,453 SF
Westside (Sunset Corridor/Hillsboro)
Overall Vacancy Rate: 19.78%
Average Rent: $17.50/SF
Available Sublease SF: 154,498 SF
Available Direct SF: 839,885 SF
Vancouver (Central Business District)
Overall Vacancy Rate: 16.42%
Average Rent: $21.00/SF
Available Sublease SF: 2,892 SF
Available Direct SF: 262,066 SF
TechDex (apps|provider|hardware|var)
Central Business District
Small Society – Dekum Building | 519 SW Third Ave | 1,800 SF
Eleven Wireless – Carson Building | 315 SW 11th Ave | 7,350 SF
SurveyMonkey – The LoveJoy | 1331 NW LoveJoy St | 4,300 SF
Elemental Technologies – 620 SW Fifth Ave | 5,812 SF
Vancouver
Echo Global Logistics – Columbia Tech Center | 1498 SE Tech Center | 5,000 SF
GeneralBizDex (consulting|finance|insurance|legal|other)
Central Business District
Farmers Insurance – Sayler Building | 10415 SE Stark St | 2,194 SF
Rider Levett Bucknall – Brewery Blocks | 1120 NW Couch St | 3,393 SF
Westside
Harris Worksystems – Park 217 – Tigard| 6,499 SF
ReMax Equity Group – Tanasbourne Commons | 17933 NW Evergreen | 5,421 SF
Folexport – 10800 SW Tualatin Sherwood Rd | 21,843 SF
Eastside
Munecos Tax & Business – 300 SE 181st Ave | 3,190 SF
HealthDex (hospital/provider|managed care|equipment)
Eastside
SEDIA Biosciences Corp – Pacific Business Park | 4900 NE 122nd | 4,513 SF
NonProfDex (non profits)
Central Business District
Cascasde Aids Project – Lincoln Building | 421 SW Oak St | 15,034 SF
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