Adonay Solleiro, an advisor from Sperry Van Ness/Bluestone & Hockley out of Portland, Oregon, discusses the medical office market of Hillsboro, Oregon in a recent article for Medical Office Northwest.
As one of the most active markets within the Portland MSA, Hillsboro’s renewed activity is a strong indication of the positive things to come. Currently, Hillsboro’s commercial office space possesses numerous opportunities for the savvy investor and the enterprising lessee.
As the fifth largest city in Oregon and the largest in Washington County, more than 91,000 people call Hillsboro home. Located 17 miles west of the Portland metro area and surrounded by fertile wine country, Hillsboro captures a perfect balance of rural and city living. Additionally, Hillsboro possesses an expansive network of MAX Light Rail, seamlessly connecting it with the thriving Portland Metro area.
The largest employment sectors consist of manufacturing, healthcare, retail sales, and agriculture. Known as Oregon’s Silicon Forest, Hillsboro is home to numerous tech companies such as Intel, Yahoo!, and Sun Microsystems.
With a current inventory of 290 office buildings, Hillsboro currently has a vacancy rate of 10.9 percent among Class A, B, and C office buildings, compared to the Portland MSA’s 5,055 office buildings and 10.3 percent vacancy rate. Asking rents for medical office buildings within the Hillsboro market range between $17 and $20 per square foot. Additionally, asking rents for conventional office buildings in Hillsboro averaged $16.50 per square foot.
To view Adonay’s article in its entirety, click here.
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