Portland Industrial Investment Forecast
Notable In-Migration Stokes Economic Recovery;
Investors Flock to Centrally-Located Submarkets
Hillsboro attracts semiconductor production activity. Portland's population will increase this year by almost 30000 residents as new job opportunities and a lower cost of living relative to other West Coast markets help drive net in-migration. This population gain is in turn bringing industrial tenants into the market and fostering development. While construction activity is rising vacancy will continue to contract with roughly 75 percent of the pipeline already preleased entering this year. Scheduled for completion in 2022 the Intel Expansion Project in Hillsboro alone will deliver 1.5 million square feet. Hitachi High-Tech America Inc. is also moving into a Hillsboro facility in 2022. This along with the semiconductor manufacturing site for Oregon's largest corporate employer signals a growing local technology presence. This has the potential to increase area demand for space among smaller firms that support these sizable organizations.