PORTLAND, Ore. (KOIN) — The amenities are nice — a fitness room, private lobby, an electric car charging station, unbelievable 360-degree views — but all that comes with a hefty price.

After 8 years of construction, the 30 story, Park Avenue West building is nearly complete. In addition to retail and office space, it will offer 202 residential units — that start at $2,200 a month.

Venessa Sturgeon is President and CEO of TMT, the developer behind Park Avenue West. She says vacancy rates were at an all time low last year and this building does fill a need for luxury rentals in the city’s core. But she admits, the ongoing construction boom for less expensive rentals will not be enough to meet demand and the affordable housing issue will continue to be a problem.

“That is going to continue to be a significant problem because right now the developers have no incentive to do anything but build market rate housing,” Sturgeon tells KOIN 6 News. “I know people talk about how much construction activity is in the pipeline for apartments right now and the economic forecasts show that even with all the new property coming on line the demand is still not going to be met.”

As for the Park Avenue West building, 10% of the units are already leased.