What can we expect in Portland’s commercial real estate market as we move out of the pandemic? NAI Elliott brokers Riley Henderson and Matt Bassist share their thoughts on the ways we will see business owners continue to innovate and the opportunities that will be available to tenants, landlords and investors.
There was no playbook to guide us through the past year and while it was filled with challenges, we were able to learn a lot too. It was also an opportunity for commercial real estate brokers to work on their business. As we see vaccination rates increase and move past the pandemic, other people that were innovating, learning and adapting over the past year will surprise us with new business ventures especially in places like restaurants and retail. We are excited to see what ideas come out of this time.
There is also an opportunity now for tenants to talk to their landlord about lease modifications. A skilled broker can help you do this and with organized finances, current business plan and company changes from the past year ready, lease expirations that are still 2-5 years out can be modified.
There are reasons to be optimistic about the future of Portland commercial real estate. Expectations between commercial landlords and tenants should start to come together. For commercial property owners thinking about selling, get things ready now because there are buyers waiting on the sidelines looking for good assets.
Another reason to be hopeful is looking at what is happening in residential real estate, and the influx of people buying homes in the area. All of this points to a successful rebound in the Portland commercial real estate market coming out of the pandemic.