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Uncertainty and disruptions in Portland’s office market are likely for months to come, but the local sector entered the coronavirus crisis in a relatively strong position, according to new data.

Net absorption during the first quarter was a healthy 112,667 square feet, according to a Jones Lang LaSalle report.

Vacancies are expected to grow with 1.5 million square feet of office space to be delivered this year. Some of those deliveries are likely to be delayed by coronavirus-related obstacles, according to JLL.

The first-quarter vacancy rate was 12.1 percent.

Rent growth moderated during the period as the office market neared or reached a cyclical high, according to JLL. The average asking rent was $34.08 per square foot. In Portland’s urban core, spanning downtown, Northwest, close-in Eastside and the Lloyd District, average asking rent was $38.59 per square foot.

JLL signaled Portland may be in a good position to bounce back from the economic downturn, as it has 鈥渙ne of the most diversified economies in the country and is less vulnerable to disruption compared to other cities in the U.S.鈥�

The real-estate firm sent up a warning flare for what had been a fast-growing element of the office market.

鈥淧erhaps the largest cause for concern in the office sector is that of coworking,鈥� JLL stated. 鈥淭he industry cluster is responsible for 38 percent of total U.S. net absorption over the past two years. In this regard, Portland is somewhat insulated as coworking and executive suites account for just 1.5 percent of total office inventory, the lowest on the West Coast and one of the lowest in the country.鈥�

Major lease signings during the first quarter included Square leasing 64,000 square feet at Aspect on Sixth, Tanner Point‘s top two floors going to Ampere Computing, according to a city permit, and Skanska and Skyward IO completing the leasing at 1010 Flanders.

Construction is under way on Eleven West in downtown’s West End, the renovation of 710 Oregon Square by American Assets Trust, and BPM Real Estate’s Block 216 mixed-use tower.