Part 6/12:
This real estate distress is symptomatic of Portland’s broader economic stagnation. Downtown Portland’s office vacancy rate exceeds 30%, a figure likened to a city struggling with addiction—to its own failed policies and high taxes. No new businesses have entered the market in over two years, and job growth has fallen below pre-pandemic levels. The city’s appeal to tenants and investors alike has plummeted, leading to a ripple effect of declining property values.