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October 09, 2014

Pearl office building likely to fill up fast

Portland Business Journal

Jon Bell

Mirroring recent reports that demand for office space in Portland is over-the-top, available space in one of the city's first new office buildings to break ground since 2009 is likely to be spoken for fast.

"I can honestly say that in the 15 years I have been in the business, I have never seen it going this well," said Kevin Joshi, senior vice president and partner at Kidder Mathews and the leasing agent for the Pearl West office building.

The building is under construction at Northwest 14 th Avenue and Irving Street in the Pearl District. Joshi said excavation for three levels of below-grade parking is just about done and upward construction will begin soon.

Howard S. Wright, the company that is constructing the 230,000-square-foot buiding, plans to move its offices into the fourth floor, taking up 17,565 square feet, when it opens in February of 2016. The building will include a total of 154,000 square feet of rentable space.

Joshi said he has a lease out for signature on another entire floor of the building. Two other groups have also expressed interest in spaces that could very well take up the balance of the building. He couldn't talk specifics, but said one of the large companies involved is tech-related.

Joshi said that, while finding the best deal for tenants is still a priority, the bigger challenge these days in Portland, where the office vacancy rate is at 10 percent, is finding space at all.

"Really, the biggest challenge is inventory," he said.

For the full story, go to Portland Business Journal .

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