Downtown Portland continues to be a tenants’ market for office space, though many are still weighing the pros and cons of allowing employees to continue working remotely against when and how often they should return to the office.

Ongoing uncertainty about inflation and interest rates are impacting the market as well, and the combination of a market flooded with sublet offerings mixed with high-profile deliveries is forcing properties to compete for tenants. This may result in further rent decreases in the coming quarters, according to Kidder Mathews’ most recent report.