Large industrial deals surging in Portland in 2019
2019 industrial leases over 100,000 square feet are on course to surpass the record number set in 2015 of 21
August 14, 2019
- 2019 industrial leases over 100,000 square feet are on course to surpass the record number set in 2015 of 21. More encouraging is the number of new deals which are already the most on record at 13 for the year.
- The 2 largest new deals to date have both come from the beverage industry with the 530,000 square foot build-to-suit distribution center for Columbia Distributing and Portland Bottling's 300,000+ s.f. deal at the former Safeway distribution center in Clackamas.
- Larger tenants are facing more favorable market conditions than years past with multiple options from new construction on the horizon. The Columbia Corridor, where the majority of new construction is taking place, has 12 availabilities on the market that are over 100,000 square feet, with 4 of those in buildings currently under construction.
- Portland is experiencing a boom in big-box development with over half the number of buildings under construction, 10 buildings, greater than 100,000 square feet.
Source: JLL Research