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Large creative office tenants have a lot more options than they did 3 years ago

•In the fourth quarter of 2014, Class A office vacancy in the CBD was at an all-time low of 6.4 percent. Tenants looking for large blocks of space in excess of 30,000 s.f. struggled to find space anywhere in the Urban Core where just 20 large blocks were available.

•In the midst of this space shortage, Portland was experiencing a tech boom and tenants were looking for space that matched their creative personality. However just 1 Class A building, M Financial, offered larger creative tenants a new and modern space with the amenities that matched this new corporate culture.

•This shortage kicked off the creative development cycle which saw large new builds and redevelopments built to accommodate large tenants. These buildings included Pearl West, 1320 Broadway, Block 8L and Clay Creative, which together delivered almost 90 percent leased in 2016.

•Today creative tenants have many more options than they did 3 years ago. There are currently 15 available Class A spaces larger than 30,000 s.f. in the urban core that are either new developments or redevelopments catering to creative tenants. 

Source: JLL Research

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