Portland Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Kidder Mathews, CBRE, JLL, Newmark
Quarterly office market indicators for Portland, aggregated by CREhunt from Cushman & Wakefield, Kidder Mathews, CBRE, JLL, Newmark. As of Q2 2026, average asking rent was $32.69/SF/yr and vacancy was 24.1%, per Cushman & Wakefield.
Projected current office pricing — Portland
Projected asking rent
$32.70/SF/yr
Estimated sale value
$175–$295/SF
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Portland office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 multiple brokerages asking-rent data (benchmark cap rate 6.6%–8.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $32.69/SF/yr | 24.1% | -327K SF | — | Cushman & Wakefield |
| Q2 2026 Kidder Mathews | $29.16/SF/yr | 16.3% | -29K SF | — | Kidder Mathews |
| Q2 2026 CBRE | $32.71/SF/yr | 27.0% | 114K SF | — | CBRE |
| Q1 2026 CBRE | — | 27.1% | — | — | CBRE |
| Q1 2026 Kidder Mathews | — | 31.9% | — | — | Kidder Mathews |
| Q1 2026 JLL | $32.08/SF/yr | 23.5% | -7K SF | — | JLL |
| Q1 2026 Cushman & Wakefield | $32.95/SF/yr | 24.1% | — | — | Cushman & Wakefield |
| Q4 2025 Kidder Mathews | $29.64/SF/yr | 15.1% | -837K SF | — | Kidder Mathews |
| Q4 2025 Cushman & Wakefield | $33.57/SF/yr | 24.3% | -908K SF | — | Cushman & Wakefield |
| Q4 2025 Newmark | — | 24.6% | — | — | Newmark |
| Q3 2025 Cushman & Wakefield | $33.82/SF/yr | 23.3% | -621K SF | — | Cushman & Wakefield |
| Q3 2025 Newmark | $31.24/SF/yr | 24.3% | — | — | Newmark |
| Q2 2025 Cushman & Wakefield | $33.69/SF/yr | 23.1% | -586K SF | — | Cushman & Wakefield |
| Q2 2025 Newmark | $31.30/SF/yr | 24.3% | — | — | Newmark |
| Q1 2025 Cushman & Wakefield | $33.59/SF/yr | 22.6% | -581K SF | — | Cushman & Wakefield |
| Q1 2025 Newmark | $31.41/SF/yr | 23.5% | — | — | Newmark |
| Q4 2024 Newmark | — | 23.1% | — | — | Newmark |
| Q4 2024 Cushman & Wakefield | $33.61/SF/yr | 21.7% | -317K SF | — | Cushman & Wakefield |
| Q3 2024 Newmark | — | — | — | — | Newmark |
| Q2 2024 Newmark | $30.57/SF/yr | 22.1% | -131K SF | — | Newmark |
| Q1 2024 Newmark | $218.15/SF/yr | 22.1% | -95K SF | — | Newmark |
| Q4 2023 Newmark | — | 20.4% | — | — | Newmark |
| Q3 2023 Newmark | $32.02/SF/yr | 19.9% | — | — | Newmark |
| Q2 2023 Newmark | $31.95/SF/yr | 19.6% | -186K SF | — | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Portland office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| 217 Corridor/Beaverton | $27.24/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Airport Way | $21.60/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Airport/Columbia Corridor | $26.39/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Barbur Blvd | $18.09/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Barbur Blvd/Capitol Hwy | $19.20/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Barbur Boulevard | $19.47/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Beaverton | $25.70/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Beaverton/Beaverton Hillsdale | $21.82/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Camas/Washougal | $28.68/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Cascade Park | $29.76/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| CBD | $34.05/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| CBD/West Vancouver | $30.48/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Cedar Hills/Sylvan | $27.85/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Central Core | $32.49/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Central Eastside | $26.83/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Clackamas | $26.63/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Clackamas/Milwaukie | $28.32/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Close-in Eastside | $34.50/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Close-in Northwest | $36.70/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown | $27.36/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Downtown Vancouver | $28.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East Columbia Corridor | $30.12/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Gateway | $25.80/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Gresham | $22.32/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Hayden Island/Swan Island | $14.64/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Hazel Dell/Salmon Creek | $32.52/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Hillsboro | $27.33/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| John's Landing | $27.57/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Johns Landing | $26.28/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Kruse Way | $43.44/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Lake Oswego | $30.90/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Lake Oswego/Kruse Way | $41.74/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Lake Oswego/West Linn | $33.60/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Lloyd Center | $35.26/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Lloyd District | $31.44/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mall 205 | $21.00/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mall 205/122nd/Gresham | $18.26/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Milwaukie/Oregon City | $23.19/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| NE Close-In | $31.08/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| North Beaverton | $32.16/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Northwest | $35.12/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Orchards | $24.96/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Oregon City | $24.72/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Outer Eastside | $22.03/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Pearl District/Chinatown | $33.00/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| PORTLAND EAST | $25.24/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| PORTLAND WEST | $31.68/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| SE Close-In | $27.72/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Sherwood | $39.60/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| St. Johns/Central Vancouver | $32.04/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Suburban | $30.12/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Suburban Vancouver | $26.65/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunnyside/Clackamas | $26.68/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunset Corridor | $27.07/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Sunset Corridor/Hillsboro | $27.60/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| SW Close-In | $19.08/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Sylvan/Hillsdale | $23.52/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tigard | $31.92/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tigard/I-5/Highway 217 | $32.12/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Tualatin | $27.48/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| VANCOUVER | $27.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Vancouver Mall | $21.84/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Vancouver, WA | $26.60/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Washington Square | $31.56/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West Hills | $23.16/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Wilsonville | $27.12/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Portland office did not fully agree. Asking-rent estimates differ by $3.55/SF/yr — from $29.16/SF/yr to $32.71/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 24.1% | $32.69/SF/yr | — |
| Kidder Mathews | 16.3% | $29.16/SF/yr | — |
| CBRE | 27.0% | $32.71/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Portland?
- As of Q2 2026, the average asking rent for office space in Portland was $32.69/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Portland?
- The office vacancy rate in Portland was 24.1% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Portland market data come from?
- This report aggregates quarterly office market data for Portland from Cushman & Wakefield, Kidder Mathews, CBRE, JLL, Newmark.
- How much do brokerage estimates differ for office space in Portland?
- For Q2 2026, the brokerage sources CREhunt aggregates for Portland did not fully agree. Asking-rent estimates differ by $3.55/SF/yr — from $29.16/SF/yr to $32.71/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
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