Portland-Vancouver Industrial Market Report
Vacancy, rents and trends for industrial space, updated quarterly from CoStar data.
8.1%
vacancy rate
2.0 million
more square feet vacated than leased over 12 months
$12.11
average asking rent per square foot per year
4.9 million
square feet under construction
2.0%
asking rent growth over 12 months
11.0%
of space available for lease
What is happening in the industrial market
Industrial vacancy across the Portland metropolitan area stands at 8.1%, above its long-term average of 6.3%, because tenants have given back more space than they leased over the past year. Asking rents average $12.11 per square foot per year, up 2.0% from a year ago and well below the 4.9% average annual growth of the past decade. Smaller buildings under 50,000 square feet have seen the largest drop in occupancy, and about 4.9 million square feet is under construction across the region.
Clark County has been a bright spot. Larger users drawn by Washington's tax advantages and access to Interstate 5 and Interstate 205 have leased space in Vancouver, and the Orchards, Hazel Dell/Salmon Creek and Central Vancouver submarkets each absorbed more than 200,000 square feet over the past year. For tenants, softer conditions mean more choices and more room to negotiate. For owners, pricing and lease terms need to reflect today's market.
Industrial vacancy and asking rent, Portland metropolitan area
Vacancy rate (left scale) and average asking rent per square foot per year (right scale), 2016 through the fourth quarter of 2026.
Clark County submarkets
Source: CoStar, November 2, 2026. Figures are market-wide averages; rents for a specific property depend on its size, condition and location.
Common questions about the industrial market
What is the industrial vacancy rate in the Portland-Vancouver area?
Industrial vacancy across the Portland metropolitan area is 8.1%, according to CoStar, compared with a long-term average of 6.3%.
How much does industrial space rent for?
Asking rents average $12.11 per square foot per year across the metro area. In Clark County submarkets, average asking rents range from about $11 to $20 per square foot per year, depending on location and building type.
Is now a good time to lease industrial space?
With vacancy above its long-term average and rent growth slowing, tenants have more choices and more room to negotiate than they did a few years ago, especially in older and smaller buildings.
Which Clark County submarkets have the most industrial activity?
Orchards, Hazel Dell/Salmon Creek and Central Vancouver each absorbed more than 200,000 square feet over the past year, as larger users chose Washington locations near Interstate 5 and Interstate 205.
What does this market mean for your property?
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