DID YOU KNOW?
Slabtown gets its name from a byproduct of lumber. When timber is shaved down into lumber, the rough edges are removed. This is called “slab.” Residents of the area in the early 20th century would use these slabs for firewood, thus creating “Slabtown.”
Portland’s hottest neighborhood just got a new office tenant: This year, athleisure retailer Lululemon signed a lease at “make,” an office building in the heart of Slabtown. With proximity to major transportation routes, this neighborhood is attractive for a variety of reasons: location, views, and tons of activity. There are more than 50 restaurants and stores activating the immediate area, making it attractive for office tenants and nearby residents.
Jacob Pavlik
Research Manager | Pacific Northwest
jacob.pavlik@colliers.com
+1 503 499 0093
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David Kotansky
Managing Director | Portland
david.kotansky@colliers.com
+1 503 499 0063
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Q2 2021
Submarket Spotlight:
Slabtown
The evolution of Slabtown from an industrial yard to premier residential neighborhood, replete with restaurants, New Seasons, and creative offices, is a model for other neighborhoods on the perimeter of urban centers. Lululemon recently leased space in newly renovated “make,” staking a claim to one of Portland’s most active neighborhoods and assuring them access to highly educated talent and premier neighborhood amenities like 38 Jack, Besaws, Grassa, Breakside Brewery, and New Seasons.
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Median household income
(the largest income group is $100k-$149k, making up 1/5 of residents)
Population in this submarket has doubled in 10 years, to 5,000 as of 2020
Average age of Slabtown residents
of Slabtown residents have graduate degrees
$82,000
200%
36.6
38%
Lululemon will be able to take advantage of the surplus of apparel talent in the Portland region, like Adidas, Nike, Underarmour, Saxx, OnFootwear, Icebreaker, and many others. As a company, Lululemon has high expectations. GlobalData is bullish on Lululemon’s future. Compared to 2019, sales in the first quarter were up 57% for Lululemon, or $440 million in real terms, reflecting consumer’s desires for high-quality and stylish athleisure wear. The company successfully captured market share during the pandemic and appear ready to continue their upward trajectory.
73% of apartments in Slabtown have been built since 2010. These buildings have been quick to find happy tenants with 90% of units being taken.
Since 2010, more than 500,000 sq. ft. of office space was renovated and became competitive supply for office users.
2015
2016
2017
2018
2019
2020
LL Hawkins
113 units
Footprint NW
54 units
Montessa
49 units
The Thornton
123 units
Q21
165 units
Muse Apartments
58 units
The Carson
385 units
Slabtown Flats
88 units
The George Besaw
51 units
Grove
40 units
The Celine
40 units
Kado Northwest
196 units
Raleigh Slabtown
173 units
The Derby Slabtown
128 units
N/A
0 units
Apartment Units Built in Slabtown Since 2015
With a unique mix of walkable streets, trendsetting shops, and acclaimed restaurants, Slabtown is home to local favorites such as:
New Apartments and Absorption
New or Converted Office Supply