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PORTLAND-An electrical contractor has signed a five-year renewal of its lease of an industrial building at 845 NE Columbia Blvd. Oregon Electric Construction renewed its lease for the 32,267-sf building, owned by Pacific Saw and Knife, through January 2007, according to Scott Kappes of the Portland office of CB Richard Ellis, who along with colleague Andy Kangas represented the building owner.

American Business represented Oregon Electric Construction.

The office serves as the Columbia office of Portland-based Oregon Electric Group, which employs more than 500 people throughout the Portland metropolitan area. The Portland-based electrical contractor, with annual revenues of more than $100 million, specializes in projects involving high-tech, commercial, industrial, health care, airport, telecommunications and high-rise multifamily facilities. The company also provides electrical maintenance and small project services with over 100 service vans.

“It¹s a standard renewal,” says Kappes, who describes the Portland area’s industrial market as “lukewarm, at best.”

The region’s industrial vacancy rate had risen to nearly 14% by the end of the third quarter, sustaining 414,292 sf of negative absorption in the first three quarter of 2002, following 2001′s more than 1 million sf of negative absorption. Prognosticators don’t hold out hope that the early going of 2003 will be much better.

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