Part 4/10:
However, the optimistic narrative clashes with stark realities. Currently, the US Bank Tower faces nearly 60% vacancy, and the overall vacancy rate in downtown Portland sits at around 35%, significantly higher than the national average of roughly 4.8%. Such high vacancy rates underscore a struggling market, with many buildings standing mostly empty. Only two months on the market for a prime real estate asset signals a desperate sale—a fire sale, as industry insiders put it.
While city officials promote investment as a sign of recovery, the underlying data paints a different picture. The sale's timing and steep discount reflect the immense downward pressure on property values and, consequently, on city revenues generated from property taxes.