PORTLAND TECH

SPECIAL REPORT

TECH OFFICE SPOTLIGHT: PORTLAND

Interest in Portland Continues to Grow

Sponsored by 

SUMMARY


The tech industry is taking root in smaller markets across the country, creating big movement in markets such as Portland as seen in tech employment, demand for office space and wages . With solid demographics and costs of employment and rent at a fraction of larger markets (for now), companies both large and small are moving to Portland. This dynamic bodes well for the economy overall, while creating some growing pains along the way.

Oregon technology sector has grown more than 10% per year.

Over the past 5 years.

Since 2012, more than 20,000 new tech jobs were added.

Median wage 11% higher than national median.

Portland office rent is 20% cheaper than Seattle.

Portland is still AFFORDABLE!

DEMAND FOR PORTLAND IS ON THE RISE


This is seen very clearly in the stats on office space in Portland.

Amongst peer markets, Portland is second only to Seattle in total office rent cost.

In terms of rate of increase, Portland is at the head of the pack at 11.5%. 

Rent Cost ($ per Sq Ft) Share

Portland's office vacancy rate is low, just 2/3 of the Silicon Valley rate.

COMPANIES SEE GREAT VALUE AND OPPORTUNITY IN PORTLAND.

TECH EMPLOYMENT IS A GREAT VALUE


Amongst peer markets, Portland is in the middle of the pack for total Tech employment, with wages still relatively affordable.

Compared to its neighbor to the north, Portland is a great value:

20% cheaper
Tech salaries compared to Seattle.
Portland Employment vs. Peers Share

HOW FAST ARE WE REALLY GROWING?


We hear a lot about Portland's rapid population growth, but among peer cities Portland is slightly behind most others.

However, stats on the construction industry, driven by the boom in multi-family housing, indicate these migration figures don't capture the whole story:


2x
Factor construction growth exceeds overall economy.
Net Migration Share
 BIG UPWARD TREND

Looking out over the next five years, the trend is clear: Portland will continue it's march forward in adding tech jobs, driven by increased output.

The trailblazing companies from the earlier years have proven that Portland is a great hub for divisions of high-growth and established tech companies (e.g., AirBNB, Google, NewRelic), as well as startups calling it home.

$29B
Projected ICT sales by 2020
Jobs to 2020 Share

The data suggest that now is a great time to get in on Portland.

AS TIME GOES BY PORTLAND IS BECOMING MORE EXPENSIVE AND COMPETITION FOR SPACE AND TALENT IS INCREASING
 TIMING IS KEY

To take full advantage of the great value Portland offers, from affordable talent, office space and work/life culture, it is smart to check things out sooner than later. The cost of waiting will add up quickly.

11.5% rise in rent
in the last 12 months

A MESSAGE FROM OUR SPONSOR



PORTLAND CORPORATE REAL ESTATE SERVICES


A successful real estate strategy goes beyond finding space. Our professionals uncover opportunities for your Portland-area business to reduce real estate risk, save costs, improve productivity and set the foundation for continued success.

We help corporate real estate professionals and business leaders in Portland change their perspectives by looking at the true cost of occupancy, rather than just the cost of space. This enables businesses to gather meaningful data about their total commercial real estate (CRE) spend, and save costs through more strategic real estate planning and management.

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