FLASH: Market Update, Provided by MARK D. BARRY, MAI

The Portland Area Apartment Market – A Review Of YTD 2008 And A Look Forward To 2009

MARK D. BARRY & ASSOCIATES

APARTMENT APPRAISAL SPECIALISTS
7628 SW 32^ndAvenue, Suite 200, Portland, Oregon 97219
(503) 243-2925 Fax: (503) 246-0714
mb@barryapartmentreport.com
MARK D. BARRY, MAI

The Portland Area Apartment Market – A Review
Of YTD 2008 And A Look Forward To 2009
October 15, 2008
Rental Housing Association of Greater Portland

Introduction and Overview

A. Economy

1) National Economy – General

2) Economy-State of Oregon

Unemployment rate of 6.4% as of 9/08 vs. 5.3% as of 8/07

115,000 Oregonians unemployed as of 9/08 vs. 92,000 in 9/07nemployment of 6.1% as of 8/08 vs. 4.7% as of 8/07

Farmers Insurance: 550 employee call center opened in Hillsboro in August 2008 (after closing 368 employee call center in Tigard)

Stream International: more than 500 new jobs at the Beaverton call center; heavy reliance on Hewlett Packard, which is no longer sending these jobs offshore

Transportation & Security Administration: up to 100 new part time jobs at airport

FedEx: moving forward with plans to build a 425,000-square-foot distribution center on a 78-acre Troutdale parcel, with 765 jobs

Solarworld AG: In October 2008, they opened a $440 million solar cell and wafer production plant with 250 current jobs, and possibly 1,000 jobs by 2010

Boeing of Portland: Expected to expand by 50% at the state-of-the –art plant in Gresham, with up to 1,800 employees

GOOD NEWS:

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