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Portland鈥檚 office market reached a record high vacancy rate of 15.2 percent in recent months, with leasing activity tracking toward a historically low level, according to Kidder Mathews.

The brokerage鈥檚 third-quarter office report, released Monday, shows continued pain in Portland鈥檚 office market, particularly downtown. The city鈥檚 urban core has more than half of the metro area鈥檚 vacant space.

The vacancy rate for the period from July to September was a slight increase from 15.1 percent during the previous quarter.

Leasing activity during the quarter declined to 641,000 square feet, the lowest since the pandemic-disrupted third quarter of 2020. Leasing is on track for its lowest annual total on record, according to Kidder Mathews.

Many tenants are 鈥渙pting to delay long-term decisions, scale back their space requirements or re-evaluate their workplace strategies entirely,鈥� Kidder Mathews stated.

Sales activity has picked up, however, as investors look for bargains.

鈥淥pportunistic buyers (responded to) steep pricing discounts and growing availability of distressed or value-add assets,鈥� Kidder Mathews stated. 鈥淢any investors may see the current environment as an opportunity to acquire properties at below-replacement cost, with potential for long-term repositioning or conversion.鈥�

The unemployment rate for the Portland-Vancouver-Hillsboro area rose to 5.3 percent, up from 4.3 percent a year ago. Some sectors, including health care, professional services and technology, continue to show modest jobs gains.