New data show a stable multifamily market in the Portland-metro area, with little change in rents or vacancy rates, while construction deliveries and investment sales fell.

The numbers indicate a market giving multifamily developers little reason to invest in new projects amid high interest rates.

Average asking rents in the Portland area slipped by 0.24 percent compared to a year ago to $1,656, according to a Kidder Mathews analysis of CoStar data. The numbers are from the second quarter — April through June. Rents rose 0.7 percent from $1,644 during the first quarter.

Vacancies improved to 7.1 percent, down from 7.2 percent a year ago and 7.4 percent in the first quarter of 2026, indicating a “relatively stable rental market,” Kidder Mathews stated.

Investment sale prices dropped 12.9 percent compared to a year earlier, to $182,489 per unit. Falling values reflected “continued repricing in the investment market,” Kidder Mathews stated.

Capitalization rates were unchanged at 6.4 percent, compared to the previous quarter.

The top transaction during the second quarter was the $63.3 million sale of Ladd Tower in the South Park Blocks by Invesco to buyers Guardian and PCCP. The 332-unit property fetched $190,663 per unit.

Construction deliveries fell 24.8 percent compared to a year earlier, with only 1,813 units arriving during the quarter. The largest completed project was at the Vancouver Waterfront, where Lincoln Property‘s 440 West added 198 units to the market.

The largest multifamily development under construction is the 369-unit project in Beaverton’s Cedar Hills neighborhood from High Street Residential, SCOA Real Estate Partners and Lease Crutcher Lewis.

Absorption remained positive at 2,604 units during the first half of the year.

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The city of Portland is preparing public comments to submit on the proposed Interstate Bridge‘s design by the end of September.

On Thursday, the Portland Design Commission sought consensus on what changes they would like to see in the early bridge designs.

Chairman Brian McCarter focused on how the bridge will connect with the Vancouver Waterfront at the north end. A shared use ramp from the bridge to the waterfront appears to be “quite a journey,” he said.

“I’m having a struggle with the configuration being this long,” he said. “Is this the only way to do this, or could this be enhanced by some stairs, some elevators at strategic locations?”

Brenda Martin, major projects and transit manager for the Portland Bureau of Transportation, said a connection should be made between the light rail and a shared path for bicycles and pedestrians, given their close proximity.

Commissioners also discussed whether the design details of the bridge landings should differ on the Oregon and Washington sides. Commissioner Zari Santner said the bridge doesn’t need to look the same on both sides.

McCarter agreed, as long as it’s cohesive, he said. “Variety is great as long as it’s within an overall story,” he said.

McCarter also pushed for transparency in the bridge railings, so users can see outside the bridge.

Commissioners will consider and likely vote to approve a letter to the Interstate Bridge Replacement Program at their Sept. 18 meeting.

Construction on the bridge is expected to last 15 years, with 24 construction packages up for bid. The total project was estimated in 2023 to cost $5 billion to $7.5 billion. That range is expected to grow when Interstate Bridge project officials release an updated cost estimate later this year or early in 2026.

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Project name: Terminal 1 Block A & C, Port of Vancouver USA

Location: Vancouver, Washington

Completion: 646,835 square feet

Size: October 2024

Landowner/Lessee: Port of Vancouver USA

Developer/Lessor: Lincoln Property Company

Architects: West of West Architecture & Design (design architect) DLR Group (executive architect)

Interior Designer: West of West Architecture & Design

Engineers: Mackenzie, Piper Mechanical, KPFF

General Contractor: Robertson & Olson Construction

Submitting Company: DLR Group

Other Key Participants: City of Vancouver, Portland Street Art Alliance and artists Jeremy Nichols, Hayden Senter, Ana Gabriela

Other Associates/Consultants: Cascade Electrical, GeoDesign NV5, Kittelson & Associates, Walter P. Moore, BEE Engineers, Brightworks, PLACE, Code Consultants

Subcontractors: 2 Down Services, Able Fence, Anderson Specialties, Axiom Division 7, Basco Appliances, Blankenship Equipment Repair, Building Material Specialties, Cascade Electrical, CDI Blinds, Cedar Landscape Construction, Conco, Concrete Designs, Consurco, Cornerstone Masonry, Cosco Fire Protection, Ecoglo, Flash Parking, Floor Solutions, Ground Control Systems, Huntco, Interior Technology, LaRusso Concrete, LCDA, LJP Construction, Mission Glass, Mt. Hood Steel, Overhead Door, Pacific Foundation, Pacific Stair, Piper Mechanical, Pro-Bel Enterprises, Sawtooth Caulking, Schindler Elevator, Sign Wizards, Skyline Sheet Metal, Sound Vanguard Solutions, Spectrum Woodworking & Interiors, Sunset Stucco, Vancouver Paint Group, Vancouver Paving, Vancouver Sign, Western Construction Specialties, Western Partitions, You & I Construction

The Port of Vancouver USA’s Terminal 1 Block A & C development is transforming the city’s waterfront into a dynamic mixed-use destination that honors its maritime heritage while creating new economic opportunities.

Completed in October 2024, the project features two mid-rise office towers rising nine and 10 stories above a shared landscaped podium. The development delivers 287,100 square feet of office space, 12,835 square feet of retail, and a 346,900-square-foot parking structure.

“The Launch,” a pedestrian axis that bisects the towers, recalls the site’s history as a wartime shipbuilding hub while providing sweeping views of the Columbia River and city skyline.

Lincoln Property faced significant challenges during development, including negotiating a long-term lease within just 90 days while simultaneously modifying project plans from a mixed office-residential design to an all-office development.

During the pandemic, supply chain disruptions were a major concern. The team prioritized domestic materials, partnering with a local Vancouver vendor to develop the distinctive metal exterior featuring blades and serrated edges that create dynamic interactions with sunlight.

The towers have achieved LEED Gold v4 certification, incorporating bird-safe glazing and native plantings that support pollinator habitats. The project reduces landscape irrigation by 75 percent and includes occupiable roof terraces, bike storage facilities, and EV charging stations.

ZoomInfo has established its West Coast hub at Terminal 1, leasing both towers and cementing the development’s role as a premier business destination in the Vancouver-Portland metro area.

The Port of Vancouver USA and City of Vancouver were critical to the project’s success. Their leadership is transforming the former 1920s warehouse site into an extension of downtown Vancouver with strategic freeway visibility and direct connectivity to Portland via the Interstate Bridge.

Public art features prominently, with murals by local artists Jeremy Nichols, Hayden Senter, and Ana Gabriela depicting imagery inspired by the Columbia River, Indigenous stories, and the city’s industrial heritage.

General contractor Robertson & Olson Construction completed the project with exemplary safety standards, earning multiple START Certifications from the Washington Department of Labor and Industries. DLR Group was executive architect on the project.

“The successful public-private partnership between the Port of Vancouver USA and Lincoln Property Company, spanning over five years, enabled the bold vision of constructing a Class A world headquarters for the tenant,” noted Patrick Gilligan, senior executive vice president with LPC, in the project submission form. “This collaboration also facilitated the execution of the largest lease signing in the Portland metro market in recent years.”

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