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Posted on September 11, 2017 at 10:10 pm
Tagged Intel, MJ Steen, Nike, NW Portland, OHSU, Portland Oregon, Portland Real Estate, Portland Real Estate Agents, Portland Realtors, SW Portland, Top Portland Real Estate Agents
Portland Business Journal
Nike has filed plans to add more than 1.3 million square feet of office space to its campus, but questions still remain about the sportswear giant's plans for its sprawling campus.
Here are five big ones:
What's the vision? Nike isn't saying, but the sportswear giant has undergone a transformation under CEO Mark Parker. The company has always prioritized innovation, but under Parker's leadership that focus has become an obsession. Nike's campus designers likely want to stoke those efforts. How? The two proposed buildings will be near executive offices and the company's top-secret research lab, so Nike likely wants to drive more resources to those core functions.
What about the industrial site at the heart of the campus? Nike last year got control of a former distribution facility at the heart of the "super block" bounded by Walker Road, Murray Boulevard, Jenkins Road and 158th Avenue. Nike has been developing automated manufacturing equipment. The building is a perfect location to advance those efforts.
How much will it cost? Nike marked "in excess of $150 million" on planning documents filed with Washington County for two new buildings and two parking garages. It'll likely cost significantly more. How much? Nike won't say, but at some point the county will assess the value of each new structure for tax purposes. Plans filed last year for 550,000 square feet of new space, but subsequently shelved, would have pushed the tax value of Nike's campus above $500 million.
What will happen to the buildings Nike acquired last year? Nike bought $84.5 million of commercial office space in the northwest corner of the super block last year. Many of the buildings still have non-Nike tenants. At least one was asked to leave early. What about the others? What will Nike do with the space as leases expire?
How many employees will move to campus? Nike has roughly 8,700 employees in Washington County. The company has grown so fast many work off-campus in leased space. Since Nike's culture promotes collaboration and innovation, moving more workers to campus makes sense.