Portland office sales off to their hottest start yet
The total volume of Portland office sales through May, sitting at just over $884 Million, is by far the largest volume to start the year in this cycle
June 19, 2019
- The total volume of Portland office sales through May, sitting at just over $884 Million, is by far the largest volume to start the year in this cycle. That’s greater than the volume sold during the same time period of 2017 and 2018, combined.
- A handful of large sales helped accelerate the pace with Montgomery Park toping the list and selling for $255 Million in April, also, the newly built Field Office sold for $118 Million, and Park Square for $96.5 Million.
- Not only has the total sales volume traded been exceptional, but the sheer number of deals above $10 million has been greater than any other year this cycle (14).
- The assets that traded above $10 million were spread across the Portland metro. There were 8 urban sales in the CBD, Lloyd District, and Northwest. There were 6 suburban sales in the Outer Eastside, CBD/West Vancouver, I-5 South Corridor and the Sunset Corridor.
- Institutional investors continued to establish their presence in the Portland market. 71% of the buyers were institutional.
Source: JLL Research