Just 201,000 square feet, net, became vacant in the third quarter, the lowest amount in seven quarters.Īnd there were actual sales of office buildings, too. Some good news: Colliers said the rate at which office space was becoming vacant had slowed. The central business district fared far worse at 27.3%, Colliers said, while the western suburbs outperformed at 13.2% Greater Portland had a vacancy rate of 20.4% in the third quarter, according to Colliers. “Negative net absorption” is real estate-speak for more office space becoming vacant than getting filled. 30 marked the 14th in a row that the greater Portland area had “negative net absorption” of office space, according to Colliers, a Toronto-based real estate firm that tracks vacancies. and riots rocked downtown Portland in the wake of George Floyd’s killing. Lincoln Property declined to comment on the matter.ĭowntown Portland office buildings are still losing tenants almost four years after the pandemic arrived in the U.S.

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