Portland Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from JLL, Cushman & Wakefield, CBRE, Kidder, Newmark, Colliers, Lee Associates
Quarterly office market indicators for Portland, aggregated by PropZone from JLL, Cushman & Wakefield, CBRE, Kidder, Newmark, Colliers, Lee Associates. As of Q1 2026, average asking rent was $32.00/SF.
Projected current office pricing — Portland
indicative confidenceModeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Portland office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 asking-rent data (benchmark cap rate 6.6%–8.6%, asking rent held flat). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | — | -7K SF | — | JLL |
| Q1 2026 | $32.00/SF | — | 621K SF | — | Cushman & Wakefield |
| Q1 2026 | — | 27.1% | — | — | CBRE |
| Q4 2025 | — | 15.1% | -837K SF | — | Kidder |
| Q4 2025 | $35.07/SF | — | — | — | Newmark |
| Q4 2025 | $36.00/SF | 24.3% | -2K SF | — | Cushman & Wakefield |
| Q3 2025 | $39.00/SF | — | — | — | Newmark |
| Q3 2025 | — | — | 621K SF | — | Cushman & Wakefield |
| Q2 2025 | $31.30/SF | — | — | — | Newmark |
| Q2 2025 | — | — | -4K SF | — | Cushman & Wakefield |
| Q1 2025 | $31.41/SF | 23.5% | — | — | Newmark |
| Q1 2025 | $11.66/SF | 6.2% | 0K SF | — | Colliers |
| Q1 2025 | — | — | -6K SF | — | Cushman & Wakefield |
| Q4 2024 | $249.00/SF | — | — | — | Newmark |
| Q4 2024 | — | — | -6K SF | — | Cushman & Wakefield |
| Q3 2024 | $42.00/SF | 36.2% | — | — | Newmark |
| Q2 2024 | — | — | -131K SF | — | Newmark |
| Q1 2024 | $218.15/SF | — | -95K SF | — | Newmark |
| Q4 2023 | $506.70/SF | — | — | — | Newmark |
| Q2 2023 | $31.95/SF | — | -186K SF | — | Newmark |
| Q2 2020 | $17.41/SF | 3.5% | 41.3M SF | — | Lee Associates |
Frequently asked questions
- What is the average asking rent for office space in Portland?
- As of Q1 2026, the average asking rent for office space in Portland was $32.00/SF, per Cushman & Wakefield.
- What is the office vacancy rate in Portland?
- Vacancy data for Portland office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does PropZone's Portland market data come from?
- This report aggregates quarterly office market data for Portland from JLL, Cushman & Wakefield, CBRE, Kidder, Newmark, Colliers, Lee Associates.