The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Wednesday, May 31, 2017
Record Number of Active Construction Projects in Central City
A new report by the Portland Business Alliance outlines the projects currently under construction in the central core of Portland. According to the report, the citywide occupancy rate is 94.6%, and rent growth is 4.2%. 5,000 new residential units have been built since 2010, and an additional 3,000 residential units are under construction, not including projects outside of the downtown core such as the Conway Blocks in NW Portland and Jefferson Flats in Goose Hollow. Projects located just outside of the Central City represent an additional 14,000 units proposed or under construction. According to the Portland Tribune, Portland will also see a 40% increase in hotel rooms over the next few years, positioning the city as an ideal location for vacations, business conferences, and large conventions.