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Is Portland, Oregon’s office market turning a corner? Dwindling sublease availability may be a clue.

For now, it doesn’t seem uptick in sublet leasing is driving the shift
CoStar Analytics
February 24, 2025 | 4:29 P.M.

Since peaking at more than 14% during the fourth quarter of 2022, the percentage of available space attributable to sublet offerings has dropped to just over 10% in Portland. The 400 basis point decline, however, may not indicate an uptick in sublease demand.

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