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.”"

  • Habahnow@sh.itjust.worksEnglish
    2·
    3 months ago

    I could agree that that may be the reason for the continued high pricing. Regardless, more housing anywhere will help maintain a lower housing price, the US is lacking housing, and portland nor Oregon are an exception to this rule.

    • Neuromancer@lemm.eeEnglish
      29·
      3 months ago

      One main reason is the influx of California money. They could get into stupid bidding wars. Covid seemed to spike the houses like crazy. Historically Oregon has been fairly affordable. It’s only recently it’s become stupid. Portland is seeing a population decline. I expect that to continue until the city take serious steps to restore the core.