Portland Clark County industrial vacancy drops to historic low
The Clark County industrial submarket is the fourth largest industrial submarket in the Portland metro, totaling just over 19.1 million square feet
June 12, 2019
- The Clark County industrial submarket is the fourth largest industrial submarket in the Portland metro, totaling just over 19.1 million square feet.
- After experiencing a rise in vacancy in 2017 due to significant deliveries, vacancy has decreased 300 basis points to 2.9 percent, making Clark County one of the tightest industrial submarkets in the Portland metro area.
- Average asking rents have steadily risen and are currently at a record high of $0.58 per square foot blended, up 1.8 percent year-over-year and up 26 percent since 2012.
- Strong demand over the past three years has come from users such as Sunlight Supply, Hawthorne Hyrdroponics and OnTrac while large industrial users like FritoLay , Dollar Tree and Farwest Steel Corp. also call the submarket home.
- While no industrial product delivered in the first quarter, there are 6 projects in the pipeline totaling 450,000 square feet currently and are currently 66 percent preleased.
Source: JLL Research