Industrial Sector Settles After Supply Surge<\/a><\/p>\n\n\n\n
\n\n\n\nThe single-story, cross-dock facility has 8,000 amps of electrical service, 40-foot clear heights, 650 feet of building depth, 348 trailer parking stalls, 427 auto parking stalls and 219 dock doors.<\/p>\n\n\n\n
There\u2019s enough connected land to accommodate 475 additional trailer stalls, a yard area or 225,000 square feet of additional building space. Cara Nolan of CBRE Portland and Andrew Stark of CBRE Seattle handle the marketing and leasing efforts at the property.<\/p>\n\n\n\n
\u201cPortland has seen industrial development migrate further north and south along I-5 as developable property has become increasingly hard to find or problematic to develop,\u201d Tyler Sheils, SIOR, senior managing director – Logistics and Industrial at JLL, told Commercial Property Executive<\/em>.<\/p>\n\n\n\nHe added the region has also seen an increase in tenant requirements or owner\/user build-to-suits of more than 500,000 square feet over the last 10 or so years.<\/p>\n\n\n\n
Low supply for large industrial spaces <\/h2>\n\n\n\n
In 2024, the wider Portland metro area saw three occupiers commit to spaces of more than 500,000 square feet.<\/p>\n\n\n\n
\u201cThe Mid I-5 Industrial Park is the only project that could accommodate a 500,000-square-foot tenant in a modern Class A facility that is currently available,\u201d Sheils said. \u201cThere is one additional project under construction that will deliver in 2025. Users of this size will have very few options to consider.\u201d<\/p>\n\n\n\n
Despite Portland experiencing negative absorption in 2024, direct rents continued to climb largely due to new construction, according to JLL research. They increased modestly in the third quarter to reach $0.87 per square foot on the shell, marking a 3.6 percent year-over-year increase.<\/p>\n\n\n\n
After the market saw new sublease space increase by 80 basis points over the past two quarters, JLL reported that sublease availabilities have slowed substantially, adding a marginal 16,000 square feet in Q4.<\/p>\n","protected":false},"excerpt":{"rendered":"
The spec development totals nearly 1.2 million square feet.<\/p>\n","protected":false},"author":3568,"featured_media":1004744331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,28440,15],"tags":[32789,33974,38029,32796,32893],"class_list":["post-1004744330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-portland","category-west","tag-cbre","tag-diamond-realty-investments","tag-hpa-architecture","tag-jll","tag-trammell-crow-company"],"acf":[],"yoast_head":"\n
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