Article from Portland Business Journal: Industrial Leasing Uptick Suggests Economic Revival
Kirk Olsen (Partner, Northwestern Region) was recently quoted in a Portland Business Journal article regarding the effects increased leasing rates have had on new construction.
Portland, Ore. – The [industrial leasing] uptick offers fresh evidence of a thawing economy that could revive the stalled industrial development market. Portland’s newest industrial parks – those constructed in the last five years – are the biggest beneficiaries. The vacancy rate for newer properties such as Birtcher Center fell by more than half in 2011, according to Colliers International. The vacancy rate for buildings constructed since 2007 fell to 12 percent at the end of the year, from 30 percent at the start … Kirk Olsen, partner in the Portland office of Dermody properties, said Class A vacancy rates have been dropping, but rents remain roughly 15 percent too low to trigger new construction.