Portland Office Market: Q4 2025 Snapshot
Office demand in Portland softened again to close 2025. Overall vacancy ticked up to 15.1% (vs. 15.0% in Q3) as several large subleases converted to direct listings and big occupiers continued to trim footprints. Net absorption registered -143,385 SF in Q4 (Q3 was +105,003 SF). Asking rents held flat at $30.10/SF full-service, with YoY growth of ~0.5%. Minimal new supply: just 9,533 SF delivered in Q4 and 127,000 SF remains under construction metro-wide. Class A vacancy is 23.6%, Class B 13.5%, and Class C 7.3%.
What this means
For owners/landlords
Expect longer lease-up timelines and heavier concession packages on larger plates, especially Class A in the CBD. Benchmarks remain flat; competitive positioning and spec work matter more than face rate.
Limited construction is a medium-term positive: as excess space burns off, vacancy should peak in early 2026 and gradually improve.
For tenants/occupiers
It’s still a tenant-forward market for HQ and mid-size users: blend-and-extend, early renewals, and turnkey buildouts are on the table—particularly in higher-vacancy assets.
With asking rents flat and competition high, focus on total occupancy cost (concessions, TI, parking, Opex caps) rather than rate alone.
Fast stats (Q4 2025)
Vacancy: 15.1% (metro)
Net absorption: -143,385 SF
Asking rent (FS): $30.10/SF | Class A $37.43 | Class B $28.17 | Class C $24.52
Under construction: 127,000 SF (3 projects; all pre-leased)
Deliveries: 9,533 SF in Q4
For submarket-specific guidance or a quick benchmark, connect with us —we’ll map a Best-Price Strategy & Roadmap to your timeline and risk profile.