Executive Summary
The 2025 Oregon retail leasing market demonstrated a pronounced shift toward experiential and entertainment-based tenants absorbing large-format vacancies previously occupied by traditional big-box retailers.
Family entertainment centers, indoor sports facilities, and adventure parks emerged as dominant big-box fillers. Across both CoStar’s quarterly top‐lease reports and our broader market tracking, over — of retail space was leased through — notable transactions, with average asking rents of —/SF/yr where reported.
Separately, Shari's closures created rapid reuse opportunities: well-located freestanding restaurant pads were quickly backfilled by regional and national operators including Elmer's (3 locations), Sumo Japanese, and Kobe Hibachi Sushi.
The data also reveals meaningful activity beyond retail—industrial and office sectors combined for an additional — of leasing, led by warehouse operators and healthcare providers.
Key Trends
Entertainment & Recreation
Adventure parks, indoor sports, and experiential concepts dominated big-box absorption, signaling a structural shift in how consumers use retail real estate.
301K+ SF absorbed across 8 deals
Value, Off-Price & Specialty Retail
Off-price and value retailers continue to expand into Oregon markets, taking advantage of anchor vacancies and secondary space.
129K+ SF — Anchor backfills + shadow anchors
Restaurant & Food Service
Quick-service, fast-casual, and family dining expanded aggressively in suburban markets, with drive-thru-capable pads commanding the highest demand.
Drive-thru demand stays elevated
Freestanding Reuse (Shari's)
Bankruptcy-created inventory was absorbed quickly by operators seeking turnkey restaurant buildings in high-traffic corridors.
Fast time-to-market advantage
Grocery & Specialty Food
Grocers and specialty food retailers continue to backfill anchor spaces, bringing daily trip traffic that benefits neighboring tenants.
101K+ SF — Daily-trip anchors
Healthcare & Services
Medical tenants and community services provide stable, recession-resistant occupancy for shopping center owners—a trend accelerating post-pandemic.
71K+ SF — Recession-resistant tenancy
Auto & Home Improvement
Auto parts and home improvement retailers remain steady demand drivers for inline and pad-site space, often with strong credit profiles.
27K+ SF — Strong credit tenancy
Notable Retail Leases
Q2–Q4 2025 — the most notable retail lease transactions across all three quarters.
Big-Box Absorption Tracker
Leases over 20,000 SF. This is the clearest view of which concepts are replacing legacy anchors and large-format boxes.
| Tenant | Property | City | SF Leased | Deal Type | Category |
|---|
Tenant Spotlight
A deeper look at the tenants that most clearly signal where Oregon retail is heading.
Coming Soon
Signed leases and announced expansions currently in development.
Floor & Decor
10176 SE 82nd Ave, Clackamas, OR
Specialty flooring retailer entering Clackamas and filling a significant vacancy along the 82nd corridor.
The Shoppes at Gateway
2720 Gateway St, Springfield, OR
Adding Boot Barn and Raising Cane's—strengthening the center as a regional destination and reinforcing pad / inline leasing momentum.