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Portland’s refreshed skyline

  • ​As recently as 2015, Portland was the tale of two Skylines with one set of buildings achieving top market rents, capturing market share and enjoying very low vacancies, while the other set was lagging behind. Times have changed and the difference between Portland’s 7 Trophy assets and the rest of the Skyline set is narrowing.

  • The reason is the wave of repositionings led by new institutional investment in Portland’s CBD. At least 9 of the 16 Skyline buildings have recently completed, are busy with, or have plans to reposition themselves through lobby, façade and amenity upgrades.

  • Looking back just five years ago, asking rents in Portland’s Skyline set averaged $29.22 p.s.f. full service. Today they have risen to $38.88 p.s.f., an increase of 33.1 percent.

  • After it’s 2014 remodel, the US Bancorp Tower has experienced the highest rent growth in Portland’s Skyline set. The most impressive feat is that even as Portland’s largest office building has pushed rents faster than the rest (52.5 percent since 2012), vacancy has fallen from 12.9 percent before the remodel to its current 1.9 percent. 

Source: JLL Research

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