Portland Office Market Report

Suburban middle- and low-tier buildings finding tenants. Portland’s suburbs are holding their vacancy rates best, entering 2026 within the 13 percent band. Simultaneously, buildings with closer to 10,000 square feet of rentable space are recording lower vacancy rates than larger properties. Areas to the northeast of downtown Portland, below the Columbia River, entered 2026 with Class B/C vacancy near 5 percent. The inventory there is well-suited to current leasing trends, with roughly 20 percent of its buildings ranging from 10,000 to 20,000 square feet. Across the state border, Clark County is positioned for vacancy declines, slowly absorbing 2024’s record 370,000 square feet of completions. Class A properties should benefit from a lack of notable completions in the submarket this year after the segment’s vacancy rate fell by more than 100 basis points in 2025 to near 15 percent.