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Migration Boosting Construction, Reducing Vacancies in Oregon

On Behalf of | May 14, 2014 | Business Construction Law

Have you noticed that Oregon is changing? In the metro areas anyway, the apparent influx of people to Oregon in recent years has seemingly changed everything from the landscape to the traffic. But change isn’t always a bad thing, especially for local rental and construction industries.

If you’re looking at starting a construction project in Oregon, you should contact an attorney with real estate development experience who can help you anticipate issues and navigate challenges that are sure to come up.

Earlier this year, Atlas Van Lines released their 2013 North America migration patterns study. The study looks to over 77,000 interstate household goods moves to determine the traffic flow by each state and province in North America. For the past four years Oregon had been the runner up in terms of rate of migration into vs. out of the state. In 2014, however, Oregon took over the number one spot.

Though many may look at the number of migrations into Oregon as somehow detrimental to its unique nature, it has so far proven to boost the local rental and construction industries. As the PSU Center for Real Estate’s Winter 2014 Quarterly Report indicates, rental rates in Portland are growing at a rate of 6.4% per year, while also maintaining a 96.7% occupancy rate. Similarly, PSU’s report shows in 2013 nearly 3,000 permits issued for multifamily unit construction projects of all sizes, a 79.3% increase over 2012.

To those who grew up here, it will become harder and harder to resist change as more and more people migrate into Oregon. You should contact a real estate and construction attorney if you’re planning to capitalize on those changes.