Sunset Corridor top performing Westside Portland flex submarket
The Sunset Corridor is Portland’s premier flex market and home to two of Oregon’s most significant employers, Nike and Intel.
October 23, 2019
- The Sunset Corridor is Portland’s premier flex market and home to two of Oregon’s most significant employers, Nike and Intel. Comprising of over 9.8 million square feet, it is responsible for 48 percent of Portland's flex inventory.
- Flex vacancy in the submarket is at an all-time low of 2.6 percent, the lowest of all the Westside submarkets.
- The Sunset Corridor also has the highest year-to-date net absorption on the Westside, sitting at positive 86,214 square feet. Large expansions by DaBella Exteriors, Washington County and Nanometrics have driven demand so far this year.
- Average asking rents are sitting at $1.24 NNN per month, up 2.5 percent year-over-year and up 58.9 percent since their trough at 2012.
- Large block users have limited options, with only 2 availabilities over 50,000 square feet.
- The only flex project under construction in the entire Portland market is in the Sunset Corridor. Pinefarm Business Center is a 57,300 square foot, 5-building project that recently broke ground off Highway 26 in Hillsboro.
Source: JLL Research