Part 2/12:
A significant part of Portland's commercial real estate struggles is linked to the widespread shift toward remote work. Many companies have downsized office space, leading to an oversupply of vacant buildings. For instance, a major tenant, Blue Cross Blue Shield of Oregon, reduced its footprint from 120,000 square feet to just 60,000, severely impacting income for building owners. With fewer tenants, rent collection dwindles, accentuating financial distress.