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Developers of a Northeast Portland industrial project have applied to the city for building permits to begin the second phase of construction.

Capstone Partners LLC is planning to add a 355,200-square-foot warehouse to the existing PDX Logistics Center near Portland International Airport.

The warehouse is being built completely on speculation; however, Paul Breuer, a senior vice president at Colliers International and one of the brokers for the project, said he expects space to fill quickly.

鈥淲e have expressions of interest from tenants who say that the timing on delivery would be right for them,鈥� he said.

If construction goes as scheduled, Breuer expects delivery by March 2016.

As planned, the building would add to two others 鈥� approximately 490,000 total square feet 鈥� that Capstone Partners began developing in 2013. Breuer said the smaller of the two buildings 鈥� 108,000 square feet 鈥� is fully leased, but not 100 percent occupied. The larger building 鈥� about 380,000 square feet of rentable space 鈥� has vacancies.

鈥淲e don’t have any signed leases yet, but we have a lot of activity,鈥� he said. 鈥淚f I had to make a projection, I’d say we’ll have half the building leased within the next 90 days.鈥�

Vacancy rates for industrial space in the Portland area have fallen to 5 percent, Breuer said, so tenants looking for space 鈥� especially larger chunks 鈥� are largely unable to find what they need.

鈥淭here is not enough building space to accommodate the activity in Portland that we’re going to see in 2015 and into 2016,鈥� he said. 鈥淰acancy equilibrium is reached when the rate is somewhere north of 6.5 percent, and we still won’t reach that even with the additional space from PDX Logistics Center.鈥�