River Park Plaza 6500 S Macadam Ave

The South Portland Waterfront area is on the periphery of Downtown Portland, bound by the Ross Island Bridge to the north and the Sellwood Bridge to the south. While Interstate 5 runs along the western boundary, South Macadam Avenue is the primary arterial serving the neighborhood, with a variety of office uses lining the street and retail uses clustered around major signalized intersections.

Substantial ongoing campus expansions for Oregon Health and Science University, along with a multifamily construction boom towards the north end of the neighborhood have driven demand in the area over the past decade. Substantial infrastructure investment projects include the Tilikum Crossing Bridge (completed in 2015) that now provides easier access to the area for pedestrians, cyclists, and mass transit vehicles from the east side of the Willamette River. The Portland Aerial Tram connects the north end of the neighborhood to the main Oregon Health & Science University campus further west, providing panoramic city views during the four-minute ride.

Wilson High School serves the area’s secondary educational needs. There are numerous aquatic recreational opportunities along the river, as well as walking and bike paths that provide access to the downtown core. Oaks Amusement park is located across the river to the east, north of the Sellwood Bridge.

No office projects delivered in the past decade, and none are currently in the construction pipeline, so competition from new supply should be minimal in the future. With the submarket's smaller inventory, rental rates are outpacing the larger metro area. Availabilities in the area could provide investors opportunity to capture some of this supply driven rent growth.