Downtown development report shows highest number of construction projects to date
Record low vacancy rates reported in central cityFOR IMMEDIATE RELEASE
Portland, Ore. – Today Downtown Clean & Safe District released its annual Development/Redevelopment Report showing the highest number of active construction projects in the central city since the report’s inception more than 15 years ago. The spate of growth can be attributed to record low vacancy rates across all sectors. Currently there are 39 construction projects in process and the much anticipated Park Avenue West tower, a 546,000-square-foot mixed-use building was recently completed this spring.
“As part of a family-owned business dedicated to property development in Portland, it’s encouraging to see the steady growth of businesses and residents who believe in a vibrant urban core,” said Mark Schlesinger, Downtown Clean & Safe District board chair and partner at Schlesinger Companies. “This shows that good work leads to a downtown where people want to invest.”
Highlights of the report include details of the 39 projects currently under construction across the central city including significant office, housing, and hotel developments. Since 2010 more than 8,000 new residential units have been built in the central city, ranging from affordable to workforce to luxury housing. Another 4,000 units are currently under construction and nearly 2,000 more are in the planning phase. Additionally, nine new hotel projects under construction will add approximately 1,600 rooms to the city’s inventory during the next two years; another eight hotels are in design and planning phases; these buildings will add yet another 2,000 rooms upon completion, including the 600-room Convention Center Hyatt Regency Hotel.
The annual Development/Redevelopment Report is created by Downtown Clean & Safe to gauge economic vitality and activity in the Central City and to provide information for developers, real estate brokers, property managers and owners, prospective tenants, institutional investors and others who are interested in downtown Portland as a place to do business.
View the full report.