In the News
September 25, 2014
Tight industrial market sends semiconductor firm to Sherwood for warehouse space
Portland Business Journal
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In what's become a tight market for industrial space, including warehouses, a semiconductor equipment manufacturer has snatched up 100,000 square feet in Sherwood.
LAM Research Corp. leased 100,400 square feet from Bradford and Vicki Picking. The company is expected to occupy the property, a distribution center, at the beginning of October.
Though its headquarters are in California, LAM has a sizable presence in Tualatin. As of 2013, the company had close to 700 employees there and is the city's largest private employer. That started with LAM's $3.3 billion acquisition of Novellus Systems Inc. in 2011.
Another semiconductor company, Novellus was based in California but had about 80 employees in Tualatin.
According to Kidder Mathews' second quarter Real Estate Market Review for the metro region, the industrial sector, which includes warehouses and distribution centers, is on the up.
Vacancies are dropping - the rate sits at about 5.5 percent - and absorption is increasing, which has made it tougher for tenants to find space and pushed rents up.
The current environment is triggering some new construction in the space, but the report notes that it won't likely relieve rental price increases any time soon.
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