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Furthermore, the broader economic environment in Portland remains bleak. The city suffers from high office vacancy rates (approximately 34.7% in the central business district), an environment worsened by increased remote work, street violence, homelessness, and open-air drug use. These issues have deterred businesses from establishing or maintaining operations downtown, further depressing property values and compounding the revenue shortfall.
The Long Road to Urban Revival
Swickard’s plans for the tower include modernization efforts—adding sky bridges, fitness centers, cafes, and other amenities—aimed at transforming it into a vibrant office destination. Yet, he candidly notes that it could take years to attract tenants, secure permits, and revitalize downtown Portland.