Trammell Crow Company broke ground on Phase II of Sewell Corporate Park in Hillsboro, Oregon — two speculative buildings totaling 294,700 square feet on 17.76 acres. MDG Architecture designed it, Perlo Construction is building it, and delivery is scheduled for the second quarter of 2027.
Phase I delivered two LEED Silver buildings totaling 396,212 square feet less than a year ago, with tenant improvements completed for OEG and Thermo Fisher. Remaining park space is still being marketed for sale or lease by Macadam Forbes.
CRE360 derived: 38.1 percent site coverage on Phase II, and 690,912 square feet across both phases, of which Phase II is 42.7 percent.
Most industrial developers spent 2025 and early 2026 waiting for absorption before committing the next phase. Trammell Crow is committing while Phase I is still leasing.
The bet is not on the national industrial cycle. It is on the specific, policy-driven reshoring demand concentrated in Washington County — semiconductors, advanced manufacturing, biotech and data centers. That is the kind of tenant that signs before a building exists because there is no alternative supply of the right specification.
A Q2 2027 delivery means the leasing decision belongs to a tenant planning capital expenditure today for occupancy nearly two years out. That is a manufacturing timeline, not a distribution timeline. And 38.1 percent site coverage is low for modern bulk logistics and normal for high-parking, high-power advanced-manufacturing product — the site plan itself tells you which tenant is being targeted.
Implications. Speculative industrial has not restarted evenly. It has restarted where demand is tied to a capital-expenditure cycle rather than a consumption cycle. Underwriters should stop reading "spec start" as a market-wide signal and start reading it as a submarket-specific one.
Flag: Phase I current leased percentage, project cost, capital partner and land basis not disclosed. Absorption should be treated as unquantified.
Key Takeaways
- Spec is back — but only where the tenant's decision is a factory decision, not a freight decision
- Low site coverage signals high-power advanced-manufacturing product, not bulk logistics
- A Q2 2027 delivery is underwritten to a capital-expenditure cycle, not a consumption cycle
The Registry Pacific Northwest — September 2 2026 — https://news.theregistryps.com/tcc-breaks-ground-on-295000-sqft-phase-ii-of-sewell-corporate-park-in-hillsboro/ · Connect CRE — https://www.connectcre.com/stories/trammell-crow-company-breaks-ground-on-hillsboro-industrial-park/ · Perlo Construction project page — https://perlo.biz/project/sewell-corporate-park/
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