Portland OR Office Space Guide

[Updated Oct 2020] A guide to executive suites and office space to rent in Portland as well as general information that may be useful if you are thinking of renting offices in the city.

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History & Geography

Portland is the state of Oregon’s largest city and is known as one of the most unique, beautiful cities in the country. Portland is located on the north end of the Williamette Valley in the north of the state. To the northeast of the city lies Mount Adams which is visible from parts of Portland. For centuries the area around the city was inhabited by the Chinook Indians who fished and traded along the Williamette River. Portland started life as a small campsite used by frontiersman and settlers on their way from Oregon City to Fort Vancouver. A local pioneer, William Overton, eventually saw the potential of the place and filed a land claim. He eventually sold the claim to Francis Pettygrove. Both Pettygrove and his partner, Asa Lovejoy wanted to name the new town after their respective home cities, and so decided the name on a coin toss, which Pettygrove won. In 1851 the city was incorporated. At that time Portland had over 800 citizens as well as a hotel and newspaper. By 1879 the town’s population had swollen to 17,500 people. In 1891 Portland was merged with the neighboring communities of Albina and East Portland, increasing both its size and population drastically. Because the Atlantic Ocean was accessible from Portland via the Williamette and Columbia rivers, the new town became a centre of trade and prospered. For most of the 19^th century, it was the largest and most important part in the northwest. In the 1890s however, Seattle’s deepwater port, with its excellent rail links superseded Portland. During WWII the population of Portland boomed and the city fulfilled an important role in shipbuilding and other war industries. In the late 20^th century and early 21^st Portland attracted many creative young people drawn by the low cost of living and abundance of job opportunities.

Economy

Recently many businesses have been attracted to set up in Portland due to a list of important advantages the city has. Its low energy costs, the abundance of resources and excellent transportation infrastructure all make it a very business-friendly town. Recently the international consulting firm Mercer ranked Portland as the 42^nd best city in the world for quality of life. Portland is home to the US headquarters of sports giant Adidas, Integra Telecom, Vestas Wind Systems, Li-Ning Co and Hi-Tec. Other major companies with a presence in the city include Leatherman, McCormick & Schmick, ZGF Architects and Boora Architects. The largest employer in the city is the computer parts manufacturing giant Intel. Portland has a thriving hi-tech industry which has led to it being dubbed the Silicon Forest. Recently a large amount of software startup companies have chosen the city to base themselves. Portland’s port is also still a bulwark of the city’s economy. Currently, Portland is the world’s second-largest port for wheat in the world, and the port’s terminals handle more than 13 million tons. Despite the fact that it is located over 80 miles upriver the Portland’s port is the third most active on the West Coast of the US.

Tourism & Culture

Tourism plays an important role in the economy of Portland. The city is known for its parks and the availability of outdoor activities. It is one of only three cities in the US with an extinct volcano in its city limits, Mt Tabor, around which a much-used park has been built. The city is also famous for Forest Park and Washington Park, both large wilderness areas where one can mountain bike, hike and camp. The city also has a thriving arts scene and was recently named as the tenth best for arts in the country. The Portland Art Museum is one of the largest museums of its kind in the US and a major tourist attraction. Portland is also home to the Oregon Museum of Science and Industry, a which has a variety of hands-on exhibits covering all the physical sciences, earth sciences and life sciences. Many tourists and visitors to the city also enjoy its culture of microbreweries. Portland is home to over 40 breweries, more than any other city in the world. The city also has a burgeoning restaurant scene and has recently been recognized by critics as the city with the fastest-growing number of restaurants on the West Coast.

Transportation

Portland is served by the Portland International Airport, which is located approximately a 20-minute drive to the northeast of downtown. The city itself is well served by multiple forms of public transportation. As well as a comprehensive bus service the city also has a streetcar which runs through downtown. The most used form of public transportation is Portland’s light rail service which has four lines with another one currently under construction. The city is also one of the most cycle-friendly in the country and scores high on the walkability scale.

Office space to rent in Portland OR

Currently, Portland’s vacancy rate for downtown stands at 11.2 percent and is following a downward trend that is expected to continue over the next year or so. Absorption is expected to remain positive as well for the near future. The present rental rate stands at approximately USD 19.20 per square foot per year. This rate is expected to remain fairly stable in the near future, though may rise as the markets pick up. The overall market is still tenant-friendly with landlords willing to make concessions and supply incentives.

We carry out a free office space search and our advisory and acquisition services are also free, always. Our Portland office space brokers and agents are globally regulated by the Royal Institution of Chartered Surveyors (RICS) ensuring the highest standards of commercial property advice and service at all times. We look forward to helping you find the best office space for rent for your business.

The Office Providers are Regulated by the Royal Institution of Chartered Surveyors (RICS)