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Portland office vacancies rose in the third quarter as deliveries of new space outpaced demand, according to a report released Monday.

Vacancies rose to 9.9 percent during the third quarter, according to Jones Lang LaSalle. That was up by 0.9 percent from a year ago.

鈥淏asically what you started seeing coming through last quarter is this frontal wave of construction we all know is going on right now,鈥� said Tim Harrison, a senior research analyst at JLL‘s Portland office.

Average rents slipped to $28.22 per square foot, down 9 cents compared to the second quarter. Harrison said rent growth will continue to moderate because of new supply coming online. 鈥淲e’re going to start seeing (rent growth) come down to more sustainable levels, more normalized levels,鈥� he said.

That’s in keeping with national trends, Harrison said. As the economic expansion continues, more projects that were conceived a few years ago are being delivered.

New construction is already being factored into current asking prices for leases, Harrison said.

Year to date, the Portland office market has absorbed 339,845 square feet of space, according to JLL. Preleasing remained strong for projects such as Under Armour‘s build-to-suit transformation of a former YMCA in Southwest Portland.

Nearly 1.7 million square feet of office space is under construction.

Several projects are expected to come to market in the fourth quarter of 2017, including the first of two six-story Field Office buildings in Northwest Portland, Menashe Properties‘ six-story building at Southwest 12th Avenue and Morrison Street in the West End, the Heartline office building in the Pearl District and the Leland James office rehabilitation project in Slabtown.

鈥淲e’ve got a construction pipeline that is still pretty full, even after the current construction starts to deliver,鈥� Harrison said.

Some projects have been approved by the Portland Design Commission but have not seen construction start. Two include a 10-story proposal at the site of the Ancient Order of United Workmen Temple at Southwest Third Avenue and Taylor Street, and the sprawling Press Blocks project in Goose Hollow.

鈥淭here’s a number of projects proposed and just sort of waiting,鈥� Harrison said.

Demand should continue to drive absorption even after more projects open for leasing, Harrison said.

鈥淲e had a really strong third quarter in terms of demand,鈥� he said. 鈥淭hings are still pretty positive for the Portland office market.鈥�