Commercial Real Estate Market in Portland, OR
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
2,429 active listings and 35,467 off-market properties in Portland, OR. Commercial property asks $173/SF to buy and $23.23/SF/Yr to lease. Office vacancy runs 24.3%, the loosest of the segments tracked here.
Market Trends
Portland, OR spans 274.4 square miles in Clackamas County, Oregon. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Portland, OR asks $19.97/SF/Yr to lease. Vacancy runs 24.3% in 2025, up from 10.1% in 2019.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Retail
Retail space in Portland, OR asks $20.31/SF/Yr to lease. Vacancy runs 5.4% in 2025, up from 4.6% in 2019. Nearly 1.3x the 2022 low of 4.2%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Industrial
Industrial vacancy in Portland, OR runs 6.6% in 2025, up from 3.4% in 2019. Nearly 3.1x the 2022 low of 2.1%.
Vacancy Rate %
Multifamily
Multifamily vacancy in Portland, OR runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 45%
- Industrial 22.4%
- Open space 19.8%
- Mixed use 11.3%
- Civic 1.5%
- Commercial 0%
Largest Zones share of zoned land by district
Open Space
Single Dwelling Residential 5000
Single Dwelling Residential 7000
General Industrial 2
Heavy Industrial
Portland, OR zones 95,337 acres across 28 districts. Commercial zoning covers 0% of zoned land, residential 45%, open space 19.8% and industrial 22.4%. The largest single district is Open Space at 19.8%. For commercial buyers the practical constraint is that only 22.4% of land carries a commercial or industrial designation.
Open Space (OS)
The Open Space zone is intended to preserve and enhance public and private open, natural, and improved park and recreational areas identified in the Comprehensive Plan
Market overview
Demographics & Economy
Portland, OR has 973,552 residents in 437,748 households. Density runs 3,548 people per square mile. Median household income here is $95,822 and median gross rent $1,629 a month.
973,552
Population
437,748
Households
2.2
Avg Household Size
38
Median Age
51%
College-Educated
93%
High-School Grad
274.4 sq mi
ZIP Area
3,548
Density / Sq Mi
$95,822
Median Household Income
$54,678
Median Earnings
$1,629
Median Rent
$584,749
Median Home Value
Tools
Lease vs Buy Breakeven
At $23.23/SF/Yr lease vs $173/SF buy → buying wins if held > 0.8 years.
At a 13.4% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Clackamas | — | $15.96 |
| Milwaukie | — | — |
| Gladstone | — | — |
Commercial property in Portland, OR asks $173/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Portland?
Commercial property in Portland, OR asks an average of $173 per square foot. The 7 most recent recorded sales traded at a median of $294/SF.
How much does it cost to lease commercial space in Portland?
Asking lease rates in Portland, OR average $23.23 per square foot per year. Office asks $19.97/SF/Yr as of Q2 26, down from $22.65/SF/Yr in Q1 26.
What is the office vacancy rate in Portland?
Office vacancy in Portland, OR is 24.3% as of 2025, up from 10.1% in 2019. That is the highest in the 7-year series. Retail vacancy is 5.4%, below Office vacancy.
Which property type has the lowest vacancy in Portland?
Retail has the lowest vacancy in Portland, OR at 5.4%, inside a 4.2–5.6% band since 2019. For comparison: office 24.3%, industrial 6.6% and multifamily 8.6% (West).
Is it cheaper to lease or buy commercial space in Portland?
Buying beats leasing in Portland, OR if the property is held longer than 0.8 years, comparing $23.23/SF/Yr asking rent with $173/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
What zoning applies to commercial property in Portland?
Portland, OR zones 95,337 acres across 28 districts, of which 0% is commercial and 22.4% industrial. The largest single district is Open Space at 19.8% of zoned land. The Open Space zone is intended to preserve and enhance public and private open, natural, and improved park and recreational areas identified in the Comprehensive Plan Residential zoning covers 45% and open space 19.8%.
Where does Realmo's Portland market data come from?
Realmo compiles Portland, OR figures from 8 recent recorded sales, 1,423 active sale listings, 1,006 active lease listings, 35,467 tracked off-market properties, the current Portland zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,423 active for-sale and 1,006 active for-lease listings in Portland, OR. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 95,337 zoned acres across 28 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- multifamily vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
