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Market Report

Portland Retail Market Report

2Q 2023

Builders Focus on Vancouver, Keeping
Local I-5 Corridor Vacancy Sparse

Clark County transforming into commercial hub. Once touted as a bedroom community, where residents lived but shopped or worked elsewhere, Clark County is developing a sizable economy of its own. ZoomInfo, for example, recently committed to a headquarters here, which will bring more high-income workers to the area. Housing is also more affordable than most of the metro, and the ongoing construction of nearly 3,000 apartments — roughly one-third of the multifamily pipeline as of June — should keep local housing dynamics favorable for renters in the foreseeable future. Retail builders, signaled by this potential inflow, will complete a local 13-year high of 283,000 square feet of retail space in 2023. While long-term prospects remain bright, Clark County’s vacancy may rise in the short-run. The submarket noted a 50-basis-point jump over the past year, to 4.2 percent in March, amid the delivery of just 28,000 square feet. 
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