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BEAVERTON BUSINESS CENTER

PROJECT SUMMARY
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DATE ACQUIRED

July 2021

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LOCATION

Beaverton, OR

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SIZE

121,200 SF

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UNITS

5

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YEAR BUILT

1966

SUMMARY

Beaverton Industrial Center is a 2-building, 121,200 SF multi-tenant industrial park located in the City of Beaverton, just west of Portland. The property is strategically located along SR-217, just south of SR-26, providing excellent access to downtown Portland and the city’s large corporate anchors along the Sunset Corridor.

Other Stats

  • 4 tenant industrial business park.

  • Built by Overmyer Warehouse Company, commonly referred to as ‘the king of warehousing’.

  • 30-foot clear height in the warehouse.

SITE PLAN
Beaverton Industrial Center
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MARKET
PORTLAND INDUSTRIAL MARKET 

The Portland metropolitan area consists of 7 counties and is the most populous region in the state of Oregon with 2.4 million people. The city of Portland is the 25th most populated city in the United States and second most populous in the Pacific Northwest after Seattle. Portland’s economy held strong throughout 2020 despite the global pandemic. Still with room to grow, there are no immediate signs that would bring on concerns of a slowdown or downturn. Year-over-year (YOY) total non-farm job growth for the Portland MSA was 1.7%, and the total number of 1,226,100 jobs continues to set new record highs. Households in Portland have a median annual income of $73,097, which is more than the median annual income of $61,937 across the entire United States. This is in comparison to a median income of $66,187 in 2017, which represents a 10.4% annual growth.

49% of the workforce in Portland has a bachelor’s degree or higher. Technology and advanced manufacturing companies have located in Portland over the years in order to attract the highly qualified employment base. These traits of the strong, highly talented, employment base is exemplified by the region housing several well-known company headquarters; Intel, Precision Castparts, Nike, adidas North America, Daimler Trucks, Columbia Sportswear, and others.

The Portland market has millions of square feet in active requirements by existing and new tenants, generating strong competition for prime space. Key markets and areas created greater amounts of competition, with space in the Clark County and the Sunset Corridor submarkets being the tightest. The Port of Portland is the third largest export tonnage port on the West Coast, with import and export shipments of $15.4 billion annually. Easy access to the north/south and east/west interstate freeway system, international air service, and both west coast intercontinental railroads make Portland an important distribution center.

SOUTHWEST MARKETS

The Southwest Market is Portland’s 2nd largest submarket with 66M SF of industrial inventory.  With overall vacancy of 1.8%, the southwest submarket is one of Portland’s tightest. The Portland industrial market has recently become one of the most attractive industrial markets in the country as larger institutional buyers have entered the market. Specifically, the Southwest market has doubled sales activity since 2018.

Oregon’s fastest growing Advanced Manufacturing sector is Aerospace and Defense, with 51% employment growth over the past 10 years. Oregon’s Aerospace and Defense industry may not be as large and established as some other states’, but it is clearly an expanding manufacturing sector in Oregon based on its outstanding employment growth, competitive market share gain, and industry innovation over the past 10 years.

Advanced manufacturers increasingly turn to exports for growth. Advanced Manufacturing exports from the Portland metro have doubled in the past ten years. Export growth is not limited to one sector of Advanced Manufacturing either, Upstream Metals and Machinery, Aerospace and Defense, and Biomedical have all experienced tremendous export growth. The largest corporate industrial users in the Southwest submarkets include United Grocers, Sysco, Amazon, Nike & FedEx.

BEAVERTON / HWY 217 MARKET 

The Beaverton/Highway 217 submarket is in Southwest Portland and encompasses 8.4M SF of industrial inventory. Tucked in the middle of some of Portland’s most active industrial areas, Beaverton provides a great infill location with excellent access to the entire Portland-metro. Bounded by SR-217 to the east and SR-26 to the north, Beaverton is a highly dynamic business district near the Sunset Corridor, which is home to Portland’s largest corporate anchors.

The submarket is currently 4.1% vacant (Q1 2021) a decrease from 4.3% a year ago demonstrating that, despite enduring a global pandemic, the industrial market has remaining strong and continues to tighten.

PROJECT PHOTOS