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The office vacancy rate in Portland’s central business increased slightly in the first quarter of 2010, sitting at 12.82 percent at the end of March.

According to a , the central business district had 38,742 square feet of negative absorption, which is a drop in the bucket considering there is nearly 15 million square feet of inventory in the district. The number is somewhat distorted as all of the negative absorption came from the building at 1881 S.W. Naito Parkway being placed back on the market as Vestas, its current tenant, gets ready to move into its new digs in the Pearl District.

The downtown office market vacancy rate barely moved over the past year as there was very little activity other than some reshuffling within the district. Class A space in the district has also remained at a near standstill, sitting at 8.45 percent at the end of the first quarter.

Major lease transactions in the central business district during the first quarter of 2011 include Wells Fargo Advisors leasing 25,439 square feet at the KOIN Center and 14,200 square feet of space being leased by Bullard Law Firm at the 200 Market Building.