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The supply-and-demand principle is in full effect for office space in the Portland-metro area and throughout the nation, according to third-quarter market reports from Colliers International‘s Portland office. The constrained supply of space is expected to remain an issue in the future.

鈥淭here have been announcements of a number of properties that are mostly infill and small鈥� exchanging hands, Colliers senior vice president Mike Holzgang said, noting that low interest rates are encouraging transactions. 鈥淒espite the fact that there’s a lot of money available for well-conceived projects, they’re much smaller. There’s not as big of an appetite for risk after the financial crisis that we experienced.鈥�

Holzgang said that how supply and demand for office space will play out in the future is 鈥渢he question of the day.鈥� He performed a study for one of his clients and found that from April 2013 to April 2014, rental rates for top-tier office space jumped 16.57 percent. He believes that rental rates will continue to rise, though probably closer to 5 percent annually.

鈥淚t will be a smaller growth, but significant growth nonetheless,鈥� he said. 鈥淎 five percent rental growth is significant because it constrains supply.鈥�

Portland is in the second year of a 10-year period during which experts have predicted 1 million new residents. Holzgang believes that could cause problems.

鈥淭he biggest concern I have is infrastructure in the urban areas,鈥� he said. 鈥淧eople are moving to Gresham and Vancouver, (Washington) because that’s where the affordable housing is. But a lot of them are working in the urban environments in the Greater Portland area.鈥�

Meanwhile, according to Colliers International’s midyear U.S. Capital Flows research report, commercial property investment in the U.S. was up 38 percent year-over-year, but down quarter-over-quarter because of dwindling quality supply. Investors are still finding deals in select markets. In Portland, sales volume in the third quarter alone was $680 million, largely because the U.S. Bancorp Tower and Block 300 both sold.