The COVID-19 pandemic interrupted several years of sustained growth in the Portland market. Demand for office space in the Portland metro area remains low, as businesses continue to evaluate their space needs in the post-pandemic era. The central business district (CBD) was hit hardest by the pandemic. Many smaller businesses have sought to move out of downtown into areas such as Beaverton and Gresham, however, several major office leases have still been signed in the CBD in 2021.
Portland’s office investment market has also remained slow through 2021 as a result of the pandemic. Annual sales volume exceeded $1 billion between 2015 and 2019, but that came to an end in 2020.