by Julia Freybote
October 10th 2023
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In cooperation with the Center for Real Estate at PSU and local brokerage firms, who used their networks to get responses, Dr. Freybote conducted a study. In total, 226 individuals responded of which 30% were office brokers and 70% were individuals at corporations renting office space (corporate users).
The results of this survey were presented at a meeting of the local Corenet Global chapter in March 2023. The key takeaways were:
- 28% of surveyed corporate users recently moved and 38% are considering/actively planning to move.
- Majority of realized and planned moves were/are out of Downtown Portland.
- Preferred submarkets are outside Multnomah county and the City of Portland.
- Primary considerations for the moves out of Downtown are related to:
- Employee and customer concerns and preferences
- Taxes
- Lack of political leadership, law enforcement and business-friendly climate
- Reduction in amenities and businesses in Downtown
- Primary considerations for moves into Downtown are related to:
- Commitment and support for the city
- Recruitment considerations
- Proximity to governmental offices and courthouse
- Tenants' market
- Commitment to and support Downtown is more important as motivation for recent moves then planned ones.
- Majority of recent moves (63%) didn't involve downsizing. If recent move involved downsizing, it was by 30% or more.
- Future moves considering downsizing plan on reducing SF by 20% or more.
- Brokers are seeing majority of moves (50% or more) that involved downsizing, it was by 20% or more.
If you would like a copy of Dr. Freybote's presentation, please contact her at: freybote@pdx.edu .