The Burnside Blog
The Pearl Stealing Downtown's Fire
Ryan Frank reports that another downtown business with an expired lease is moving to the Pearl District’s burgeoning office core north of Lovejoy Street.
As reported in the first issue of Portland Spaces, more than a half-million square feet of Class-A Office Space is in the works in the Pearl District’s northern end. Soon, however, with Moyer’s Park Avenue West Tower breaking ground next month and Gerding Edlen’s First and Main Building already under construction, more space in downtown’s core will enter the market beginning in 2010. The central city’s office vacancy rate for the fourth quarter of 2007 was about five percent, according to Norris Beggs and Simpson. More than two-million square feet is currently under development in the Central Business District, which includes the Pearl and Downtown, and asking rents continue to rise.
Low vacancy rates carry a mantra: If you build it, they will come. That remains true whether Class-A space is available in the Pearl District or in Downtown’s core. Still, it’s nice to see the Pearl living up to its founders promise that it would one day become a truly thriving community with a market that caters to all uses.
By Supertall on Friday, February 08, 2008 at 03:45PM PST
Yeah, but they also had the largest housing boom in American history on their side. The next decade could be pretty lean.
By Mike Thelin on Friday, February 08, 2008 at 03:47PM PST
Very true, but large population growth is expected in Portland and the Northwest. Office vacancy is low, and apartment vacancy even lower. If people move here, they’ll need to live and work somewhere.
By pdx city-state on Friday, February 08, 2008 at 03:44PM PST
Frank’s story lives up to a prediction made several years ago by an interview I read with a Pearl District founder…either Solheim or Homer; can’t remember which. Anyway, one of them predicted that Lovejoy would one day be the Pearl’s main drag. I remember laughing because at the time there were still railroad yards. Looks like they lived up their promises. I wonder they’ll live up to their promises in the South Waterfront too.