August 3, 2016
The Vancouver, WA office market is poised to overtake that of Portland, OR’s. Cole Farris and Lana Baldock with Cushman & Wakefield in Portland, said Vancouver’s office vacancy was 8.8% in the second quarter of this year, with asking rents on the rise.
Farris and Baldock noted developers are starting to take notice as well. Projects such as Gramor Development’s 32-acre, $1.5 billion public/private partnership, The Waterfront, is slated to deliver 1.25 million square feet of creative office space. Meanwhile, Killan Pacific just delivered the 48,000-square-foot Hudson, the CBD’s first office development in years.
Added Farris and Baldock: “Vancouver continues to be one of the strongest markets in the Portland metro area given there are only 21 spaces available between 5,000 and 10,000 rentable square feet and no notable sublease space actively on the market.”
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