JLL's reporting high sales for '18 & low industrial vacancy in '19
Commercial real estate WEA member JLL is reporting that 2018 office sales in the Portland metro area soared above $1 billion for the fourth year in a row.
JLL Research reports, "The most notable sale of the year was Portland's portion of Starwood's Innovation Collection, which consisted of Creekside Corporate Park and Cornell Oaks Business Park. The 2 Beaverton office parks sold to Singaporean investor Ascendas-Singbridge for an estimated $201.5 million, making it the largest office sale in the Portland metro since US Bancorp Tower sold for $372.5M in 2015."
To see JLL's office sales report, click here.
When it comes to industrial vacancy, JLL reports Portland is seeing the most construction it has seen in 20 years, but it appears most of it will be absorbed by the end of 2019.
JLL reports the industrial vacancy rate is expected to stay around 4 percent.
To see JLL's industrial vacancy report, click here.