Portland Real Estate Market thread

[maccoinnich]

Here's an extract:

Portland multifamily market stabilizes but dwindling pipeline cause for concern



A new report paints an 'optimistic outlook' for the Portland metro's multifamily commercial real estate market.

For the first time since Q1 2021, demand for apartment units outpaced new supply. That's according to a Q2 multifamily report from real estate firm Colliers. For every new apartment unit that became available in the Portland metro, 1.46 existing units were absorbed.

As a result, occupancy rates inched up 30 basis points to 94.1%, down from a recent high of 97.2% in Q1 2022.

"Generally a healthy market is 95%," said Colliers Research Analyst Jamison Shields. "We're still a bit below that but we're trending back toward that healthy line."

Rents in Q2 held steady compared to a year earlier, with average Portland metro rents of $1,742. Hillsboro was the strongest submarket, with rents rising 2.7% year over year to $1,967.

Overall, Shields said the Q2 data reflects a stabilizing market.

...continues at the Portland Business Journal ($).

And here's the report the story is based on.