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Jones Lang LaSalle Third Quarter Report
Portland, October 17, 2012 - Jones Lang LaSalle reports that during the third quarter, Portland high-tech firms are finally emerging from being an exciting local business community to gaining national recognition as a respected business growth story.
“We have been waiting to see this transition for a long time,” said Jones Lang LaSalle Research Director, Patricia Raicht. “While Portland has spent most of its life in the intersection of San Francisco’s shadow from the south and Seattle’s from the north, the Rose City is finally enjoying a significant increase in visibility and accolades on a number of fronts.”
According to the report, during the third quarter, demand for tech business space came from two areas: local start-ups that are maturing into their rapid growth phase, and out-of-area firms establishing or expanding their Portland footprint.
Traditional CBD Class A users, such as law firms, have been one of the slower sectors to recover: “The combination of this sector’s reduction in demand for services with drastically changing space requirements driven by the desire for a more collaborative efficient footprint has resulted in these firms giving back space, either through renewals or rightsizing their space during relocations.”
Suburban office tenants have also re-engaged the market, accounting for most of the net absorption in the third quarter. While suburban vacancy remains elevated, it is headed down and suburban tenants have now joined the office market recovery.
Investment values are improving, but the third quarter saw very little transaction activity. A widening rent gap between local and institutionally-owned properties signals that institutional owners may be positioning some of their properties to go to market, according to the Jones Lang LaSalle third quarter summary.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspxAbout Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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