Portland-Vancouver Retail Market Report
Vacancy, rents and trends for retail space, updated quarterly from CoStar data.
4.5%
vacancy rate
354,000
square feet completed over 12 months
$24.72
average asking rent per square foot per year
132,000
square feet under construction
-0.8%
asking rent change over 12 months
4.5%
of space available for lease
What is happening in the retail market
Retail vacancy across the Portland metropolitan area is 4.5%, in line with its long-term average, largely because very little new retail space has been built. Demand has cooled: over the past year, tenants gave back about as much space as they leased, and average asking rents of $24.72 per square foot per year are down 0.8% from a year ago. Suburban areas with growing populations and little new construction have stayed tighter than central Portland, where foot traffic is still recovering.
Clark County continues to lead the region's population growth. Vacancy in its retail submarkets ranges from about 2% in Hazel Dell/Salmon Creek and outlying Clark County to about 5% around Vancouver Mall, and recent leases at Orchards Market Center and Vancouver Plaza show continued interest from entertainment and national tenants. For tenants, more space is coming available in larger centers. For owners of well-located neighborhood space, demand remains steady.
Retail 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 retail market
What is the retail vacancy rate in the Portland-Vancouver area?
Retail vacancy across the Portland metropolitan area is 4.5%, according to CoStar, in line with its long-term average.
How much does retail space rent for?
Asking rents average $24.72 per square foot per year across the metro area. In Clark County submarkets, average asking rents range from about $24 to $29 per square foot per year, depending on location and center type.
Are retail rents going up?
Average asking rents are down 0.8% over the past year, compared with average annual growth of about 2.5% over the prior decade. CoStar expects rents to stay relatively flat in the near term.
Which Clark County areas have the lowest retail vacancy?
Hazel Dell/Salmon Creek and outlying Clark County have the lowest retail vacancy in Clark County, at about 2%.
What does this market mean for your property?
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