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March 10, 2015

List Leaders: The 5 largest commercial leases of 2014

Portland Business Journal

Brandon Sawyer

The five biggest commercial leases signed last year accounted for more than a million square feet of space for office and industrial tenants.

Two of them were for office space, while the other three were for industrial.

Kidder Mathews was a representative on three of the deals, while several other firms were also involved on either the tenant or landlord side, including JLL, Capacity Commercial, NAI Norris, Beggs & Simpson, Colliers International and Newmark Grubb Knight Frank.

Enlarging the sample, among the top 50 leases signed last year, 46 percent of the total 4.1 million square feet leased housed industrial firms while 45 percent was for office spaces. Just 9 percent was in retail spaces.

The largest share of the leases, 31 percent, took place in the first quarter of 2014, followed by 26 percent in the third, 23 percent in the second and 20 percent in the fourth.

Twenty-one of those top 50 were new leases, five were renewals, three were expansions and 21 are unknown.

Looking forward, executives at Kidder Mathews, Kevin Joshi, Steven Klein and Corine Nussmeier, report that, "Following one of the biggest years ever in downtown leasing ... 2015 should easily match or surpass 2014, especially given large active requirements for office space by Airbnb, Wacom, and others."

"For industrial," they say, "the N.E. Portland submarkets of Airport Way and the East Columbia Corridor are the hot spots for industrial development with over 2.1 million square feet of state-of-the-art warehouse recently completed or under construction."

And: "For retail, the year of 2015 is all about retailers learning to live with the ever increasing pressure of on-line retailers. Evidence of this pressure has had a definite impact on store closures or downsizing."

For the full story, go to Portland Business Journal.

© 2015 American City Business Journals. All rights reserved.

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