Downtown Portland’s office vacancy rate is highest in the nation, report says
Downtown Portland’s office vacancy rate is highest in the nation, report says
Portland’s central city’s office vacancy rate reached 30.2% by the end of 2023.
"According to Colliers, more than 1.4 million square feet of office space in downtown Portland was available for sublease at the end of 2023. The total available amount of space available for lease downtown was more than 32%. Collier expects that figure to reach 40% over the next year.
“We’re predicting vacancies to continue climbing into 2025,” Shields said. “Unlike other markets that are starting to see a turnaround, Portland hasn’t hit the bottom yet.”"
Would be really nice if more of that office space were apartments. So long as work from home numbers don't decrease too much, I can imagine those building will slowly turn to condominiums and apartments.
Carbon footprint would be lower to demolish and rebuild. Having floors and ceilings and walls does not make a multi-residence space.
I hope so!
Oh no!
Anyways.