Kruse Way office glut

The recession turns once-thriving Kruse Way into a ghost town of vacant office spaces.

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Once one of the hottest office markets in the Portland area, vacancy rates on Kruse Way are growing higher than the city average.

Three years ago, Kruse Way was lauded as a local success story. Office space in speculative buildings seemed to be leased almost as soon as it hit the Portland submarket just off Interstate 5.

Now, however, Kruse Way vacancy rates hover around 22 percent, compared with 13.5 percent for the entire metro area. And when space is leased in the area, it sometimes comes at a rate discounted as much as 20 percent.

Read the full story at the Daily Journal of Commerce.