Portland Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.45 2023 Avg. Asking Rent
  • -3.14% Y-o-Y Avg. Asking Rent Change
  • 17.97% 2023 Office Vacancy Rate
  • $131.1M2023 Total Office Sales
  • $192.58Avg. Sale Price/SF

Portland office price per square foot in 2023 was $28.45 on average. This marked a -3.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.97% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $131.1M. Portland office space commanded an average sale price per square foot of $192.58.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Portland Class A & A+ Office Space$36.28
  • Portland Class B Office Space$24.07
  • Portland Class C Office Space$19.99
  • Oregon Class A & A+ Office Space$35.37
  • Oregon Class B Office Space$23.28
  • Oregon Class C Office Space$26.43

Portland, OR Office Asking Rents by Class

Average office rent in Portland rested at $28.45 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Portland averaged $36.28 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.07 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.99 per square foot, on average. Comparably, statewide Oregon average office rents by class in 2023 were: $35.37 per square foot for class A office space; $23.28 per square foot for class B office space; $26.43 per square foot for class C office space.

2023 Office Vacancy Rates in Portland

Submarket Asking Rents Vacancy Rates
University $35.44 22.50%
West End $30.58 26.86%
Portland - Downtown $29.27 16.99%
Milwaukie - Happy Valley $29.12 9.43%
Old Town - Chinatown $28.82 23.66%
South Portland $28.68 9.80%
North Portland $28.07 26.58%
Tualatin $25.15 22.78%
Sunset Corridor $24.44 6.94%
Tigard $23.80 13.88%
Central Eastside $22.64 24.59%
Northeast Portland $22.60 12.53%
Beaverton $21.00 15.59%
Gresham - Eastern Multnomah County $20.98 10.43%
Northwest District - Goose Hollow $20.85 33.02%
Southwest Portland $18.68 7.39%
Southeast Portland $18.38 8.66%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Portland market was 17.97% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Portland was 6.94% in the Sunset Corridor submarket, while the highest office vacancy in the market was 33.02%, recorded in Northwest District - Goose Hollow.

Office Spaces for Rent in Oregon

Portland Office Sale Price per SF

  • $192.582023 Avg. Price per SF
  • -13.95%Y-o-Y Avg. PpSF Change
  • $131.1M2023 Office Sales Volume
  • 62023 Number of Transactions

Portland, OR Sale Price per SF Trend

  • Portland Avg. Sale Price per SF in 2023$192.58
  • Oregon Avg. Sale Price per SF in 2023$183.33
Portland office space cost in 2023 marked a -13.95% change compared to the previous year. The sale price for office space in Portland averaged $192.58 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Oregon average office sale price during the same time period was $183.33 per square foot.

2023 Office Sales Volume

  • Portland, OR Total Office Sales Volume in 2023 $131.1M
  • Portland, OR Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Portland office market in 2023, adding up to a yearly sales volume of $131.1M. Notably, the largest transaction on the market saw Harrison Square change hands for $52,800,000 on 3/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Oregon

2023 Office Construction in Portland, OR

  • Portland, OR Total SF completed in 2023 315,714

During 2023, 315,714 square feet of new office space were delivered across the market. At the close of 2023, the Portland office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 315,714 square feet of office space.

Largest Office Properties Recently Completed in Portland
Office building Address SF Completed
Whiskers Building 1935 Northwest Overton Street, 97209 63,899 2024
Block 216 560 SW 10th Avenue, 97205 168,464 2023
Clay Street Apartments 3757 SE Clay St, 97214 1,729 2023
PAE Living Building 151 SW 1st Avenue, 97204 57,755 2021
250 Taylor 915 SW 2nd Avenue, 97201 190,825 2020
Canvas at Press Blocks 1750 SW Yamhill Street, 97205 143,553 2020
District Office 525 SE Martin Luther King Jr. Blvd, 97214 81,500 2020
7 Southeast Stark 7 SE Stark Street, 97214 78,298 2019
Clay Pavilion 120 SE Clay Street, 97214 78,000 2018
820-870 NW 13th Avenue & 1241 NW Johnson Street 850 NW 13th Avenue, 97209 74,250 2018

Worth noting among recent office completions on the Portland market is Whiskers Building, which is currently the largest new office development in the city, at 63,899 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Portland commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.