Retail Reader: 2021 Year in Review | Happy Holidays
Reflecting on 2021, we are grateful and energized by your continued support.
We are fortunate in that we enjoy our industry and hope you feel that enthusiasm.
Most importantly, we wish you and your families a new year filled with health, peace, and some good times along the way.
In 2022, you can count on us to continue to set new standards of service as we strive to better serve you.
We are excited to announce the addition of two outstanding brokers, Ryan Becker and Austin Finch, to the Neville & Butler team.
We have expanded our market coverage to include an office in Montana and look forward to announcing further expansion soon.
Happy Holidays from The Neville & Butler Team
Market Overview: Robust Demand & Local Business Success Stories
In every major market across the state, median home sale prices have increased by double digits over the past twelve months (RMLS, Oct); Redfin named Portland the 24th hottest housing market for investors in its 3rd quarter survey.
In the commercial sector, the sale of the Pittock Block at 9th and Washington for $326 million in the 1st quarter was the largest single-asset sale in the state in more than five years. The 300,000 square foot historic property serves as a telecommunications hub for the region.
In the 2nd quarter, a Florida-based investor purchased 15 Oregon Fred Meyer anchored properties as part of a $487 million, “once in a generation,” 28-store portfolio sale.
Unemployment remains low at both the state (4.4%) and metro (4.3%) levels (OED, Oct ‘21), with statewide wages and salaries 8% above pre-COVID levels (OEA, Dec ‘21), both positive economic signals.
Tourism to the region is also up; PDX saw a 55% increase in passenger travel through October compared to 2020, Travel + Leisure yet again named PDX its “Best Domestic Airport,” and hotel demand is up 39% year-over-year to match.
2021 was a breakout year for Oregon and Southwest Washington businesses.
Dutch Bros. (BROS, NYSE), the Grants Pass, Oregon based drive-thru-only coffee chain, had the largest IPO in Oregon history in September and now ranks as the state’s fifth most valuable company.
ZoomInfo (Nasdaq, ZI), the metro area’s second largest company by market capitalization (currently over $25 billion), signed the region’s largest office lease in 17 years for its new waterfront headquarters at Terminal 1 in Vancouver.
Portland Leather Goods, which opened their first retail store on NW 23rd Avenue in November, is now the fastest growing premium leather bag company in the United States.
In early December, plans were released for the new mixed-use OMSI District, a 10-block, 3 million square foot development with 1,200 housing units on the Central Eastside which will also include a new waterfront park.
LOOKING FORWARD: NEW DEVELOPMENT & RETAILER ACTIVITY
In retailer news, Trader Joe’s opened a 15,000 square foot store at Garden Home Marketplace in the Raleigh Hills neighborhood of Southwest Portland in October; Target will open a 59,000 square foot store at Milltowner II in the Cedar Mill neighborhood of Northwest Portland in early 2022; and, just down the road in Beaverton, construction is underway on Oregon’s first Life Time Fitness location. The 140,000 square foot facility is set to open in 2023. Neville & Butler was instrumental in the completion of the Trader Joe’s and Target transactions.
Portland’s stint as a supporting cast member on Top Chef is paying off; the former River Space event venue on Portland’s waterfront featured on the show will soon be home to Seattle-based dumpling eatery Dough Zone. Top Chef alum Gregory Gourdet will also open his long anticipated restaurant, Kann, in the Central Eastside in the spring.
Urban restaurateurs have recently been expanding into the suburbs, starting with ChefStable group, which currently operates 17 concepts at 28 locations, with the addition of Fill’s Donuts, Grassa, Lardo, Oven + Shaker, and St. Jack at Mercato Grove in Lake Oswego. In Beaverton, Loyal Legion, Ex-Novo Brewing, Afuri Izakaya, Breakside Brewery, and Sizzle Pie are all opening as part of the Beaverton Main Street Program to revitalize Downtown. At the Waterfront Vancouver, El Gaucho is opening their second Portland metro location at the Hotel Indigo early next year along with renowned Seattle-based 13 Coins Restaurant and a tasting room for Evoke Winery.
““We are happy to report that over the last 90 days we have had double digit increases against our strongest results pre-COVID.
Our clients have returned determined to move forward with their lives. Our clients are dining out, traveling and once again, fully engaged with their lives. Weddings and special events are now driving formal attire, again.””
Neville & Butler Expands in Size and Scope
Ryan Becker is an experienced broker focusing on investment sales and retail leasing in the Oregon and Montana markets.
With previous experience working for both a developer and a brokerage company, Ryan has experience on both sides of the transaction and always strives to realize the most value for his clients, closing over $30 million in sales over the past two years. Ryan adds a keen eye and an enthusiastic attitude to the brokerage team and enjoys working with a variety of clients to meet each of their real estate needs.
Ryan is a member of the national advisory board for Warriors & Quiet Waters, a Montana based organization seeking to support post-9/11 combat veterans through fly fishing.
Austin Finch is a second-generation broker raised on a cattle ranch in southwest Montana.
Austin graduated from Montana State University with a double major in Business Management and Marketing and gained valuable experience working in financial tech and private equity upon graduation.
Now specializing in the sales and leasing of retail and office properties throughout Montana, Austin uses his innate knowledge of the nuances of this growing market, strong work ethic, and attention to detail to build long-lasting relationships with his clients.
Austin is an avid outdoorsman and spends his free time enjoying everything Montana has to offer.
