Celebrating Our 80th Anniversary This Month

This month, NAI Norris, Beggs & Simpson is celebrating a monumental occasion: the 80th anniversary of the company’s founding.

Norris, Beggs & Simpson Companies, NAI NBS’ parent company, was founded April 1, 1932, in Portland, Oregon, by A.D. Norris, and George J. Beggs, later joined by David B. Simpson. Beginning as property managers, services soon expanded into mortgage lending as loan correspondents for major life insurance companies. Over the years, the role of NBS Companies in commercial real estate broadened into its present full-service operation. Today, NBS Companies has four distinct areas of focus (one being NAI NBS, the brokerage/property management arm), and three offices in the Northwest, located in Portland, Oregon, and Vancouver and Seattle, Washington. Click here for an overview of our history and areas of focus. You can also learn more in Norris, Beggs & Simpson: Past, Present and Future, an article written by Tracy Laine in her Skyline Rewind column in Portland’s Daily Journal of Commerce.

NAI NBS Releases First Quarter Reports on Portland Commercial Real Estate

The Portland metro area commercial real estate market showed some positive signs during First Quarter, according to NAI Norris, Beggs & Simpson’s reports. Here are some key points:

  • Central City office vacancy rose slightly to 13.41%, with negative absorption of 147,391 sf. Though office sales remained slow overall, Central City saw a few significant sales.
  • First Quarter was slow for suburban office leasing, with vacancy rising slightly to 22.41% and negative absorption of 61,838 sf. Vancouver office vacancy rose more than half a percentage point to 16.02%, with slight negative absorption.
  • Industrial vacancy rose slightly to 14.55%, with 34,168 sf absorbed. Despite rising vacancy, there was some significant leasing activity in North/Northeast.
  • Flex vacancy dropped slightly to 17.41%, with a flurry of activity in Southwest Sunset.
  • Overall retail vacancy rose less than half a percentage point to 6.68%, with negative absorption of 31,705 sf. Some major closures included the Glisan Street Station Target and two former Bally’s gyms, but downtown saw some very positive activity, including Target’s 91,555 sf lease at The Galleria.
  • Multifamily vacancy was flat at 2.87%, with moderate growth in rental rates. The big story here is the wealth of apartment construction occurring around the metro area, and particularly in close-in neighborhoods.

Click here for our full report, which includes office, retail, industrial and multifamily, as well as an economic overview.