According to a recent retail figures report by CBRE, the shopping center market in Portland showed a mixed performance in Q3. The suburbs experienced thriving leasing activity, with strong tenant demand leading to reduced vacancies and increased rental rates. Overall, gross leasing activity exceeded the 10-year average.
On the sales front, there was a shortage of sellers; however, those who were willing to sell adjusted their listing prices and saw successful transactions. Sales volume was hindered by liquidity challenges caused by lender and equity issues as well as fluctuations in federal interest rates.
Despite these challenges, positive developments emerged such as new restaurant openings and dining options along with retail stores in mixed-use buildings like Shake Shack’s third location at Bridgeport Village Mall. As the economy faces headwinds such as higher oil prices and inflation along with resuming student loan payments, it is expected that H1 2024 will see more stable stabilization for the retail sector.
