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Portland Industrial tenants are growing in size and number

In 2010, we saw 11 users lease or build spaces of 100,000 square feet or more and our average size lease was 24,854 square feet.  By 2016, the number of users who built or leased space greater than 100,000 square feet grew to 18, and our average size industrial lease had grown to 39,218 square feet, an increase of 57.8 percent.

Industrial projects are bigger and in more remote locations. The market has seen demand far exceed supply for 6 years in a row, pushing vacancy to a 25-year low at 3.5 percent.

There are only 17 warehouse and distribution spaces over 100,000 square feet available to industrial users in the Portland metro. Almost half of those spaces are still under construction.

Source: JLL Research

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