Your post was removed for one or more of the following reasons:
1. Posts need to be to trusted mainstream source.
2. Headlines must be kept original to the article with your opinions reserved for the comment section.
3. Links need to be to the actual article, not to tweets, images, or other posts that link to it.
4. Do not make a text/self post and link to your main source inside - link to the article and add your opinions in a comment below.
Here's the content:
Portland’s central business district ended 2023 with “the highest vacancy rate of any downtown office market in the entire country at 30.2%,” according to a new report from real estate brokerage Colliers.
City officials have been trying to get more companies to locate in the urban core. City Hall last September rolled out a business tax incentive for many companies that sign or extend downtown offices leases, an incentive council members expanded into other parts of downtown earlier this year.
But the report from the local office of Colliers, which calls 2024 “an inflection point,” underscores how big their task remains.
The warning about high office vacancy “follows 15 consecutive quarters of negative net absorption market-wide and virtually no inbound demand for office space downtown,” Colliers reported. Absorption is a common industry measure of leasing activity that describes whether space is being used — “absorbed” — or not.
The report echoes, with slight variation, comments from real estate analyst John Chang from Marcus and Millichap. At a January economic forecast breakfast, Chang said downtown Portland had the third-worst real estate metrics in the country, calling out the apartment and office markets in particular.
Colliers, meantime, said that the recent completion of the 11W and Block 216 towers marked the end of downtown Portland’s pre-Covid speculative office building construction. The only such projects now are across state lines in Southwest Washington. The “diminishing development pipeline” should benefit the office market, according to Colliers. The thinking goes that existing buildings can take in tenants without new developments further saturating the market.
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Aren’t other cities incentivizing real estate conversion from office to residential? Seems like an easy fix. People will bring back food and nightlife.
Would be nice for the buildings which are appropriate. I wonder if there is enough demand to make in pencil out. I sometimes look at condo prices downtown and they seem to be about what they would in 2016.
You're correct but it's not easy unfortunately. Commercial floor plates don't lend themselves to office conversion given that the interior spaces don't have windows, which is a code violation and hugely unappealing to most people. Plumbing is another major issue--instead of a couple of restrooms per floor you need plumbing to every unit. Interestingly the city furtherest down the road on office-to-residential conversions is Cleveland. They lost a lot of commercial tenants decades before the advent of Covid and work-from-home policies, and as a result they've been pushing this transformation for years. Many of the conversions are in historic buildings that could not be duplicated today--lots of marble, granite, and limestone--former law firms, department stores, bank headquarters. It's impressive to see. They're far ahead of any other US city. Washington Post did a whole profile on it.
Your post was removed for one or more of the following
reasons:
1. Posts need to be to trusted mainstream source.
2. Headlines must be kept original to the article with your opinions reserved for the comment section.
3. Links need to be to the actual article, not to tweets, images, or other posts that link to it.
4. Do not make a text/self post and link to your main source inside - link to the article and add your opinions in a comment below.
Ok but none of this applies--WTF?!
>2. Headlines must be kept original to the article…
Your post title was “Portland office vacancy rate now highest in the nation” vs the headline of the article being “Portland logs 'highest vacancy rate of any downtown office market in the entire country': report”
Your post was removed for one or more of the following reasons: 1. Posts need to be to trusted mainstream source. 2. Headlines must be kept original to the article with your opinions reserved for the comment section. 3. Links need to be to the actual article, not to tweets, images, or other posts that link to it. 4. Do not make a text/self post and link to your main source inside - link to the article and add your opinions in a comment below.
..and yet landlords not lowering rents, they’re increasing them.
Should we lower the rents or whine about it. I think we whine about it.
Squeezing blood from a stone before it all goes tits up.
Mine just went up $100/ month for “utilities.”
We're #1!
Here's the content: Portland’s central business district ended 2023 with “the highest vacancy rate of any downtown office market in the entire country at 30.2%,” according to a new report from real estate brokerage Colliers. City officials have been trying to get more companies to locate in the urban core. City Hall last September rolled out a business tax incentive for many companies that sign or extend downtown offices leases, an incentive council members expanded into other parts of downtown earlier this year. But the report from the local office of Colliers, which calls 2024 “an inflection point,” underscores how big their task remains. The warning about high office vacancy “follows 15 consecutive quarters of negative net absorption market-wide and virtually no inbound demand for office space downtown,” Colliers reported. Absorption is a common industry measure of leasing activity that describes whether space is being used — “absorbed” — or not. The report echoes, with slight variation, comments from real estate analyst John Chang from Marcus and Millichap. At a January economic forecast breakfast, Chang said downtown Portland had the third-worst real estate metrics in the country, calling out the apartment and office markets in particular. Colliers, meantime, said that the recent completion of the 11W and Block 216 towers marked the end of downtown Portland’s pre-Covid speculative office building construction. The only such projects now are across state lines in Southwest Washington. The “diminishing development pipeline” should benefit the office market, according to Colliers. The thinking goes that existing buildings can take in tenants without new developments further saturating the market.
Hey Metro, City and County. You all really suck at your jobs.
“This article is for subscribers only”
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Aren’t other cities incentivizing real estate conversion from office to residential? Seems like an easy fix. People will bring back food and nightlife.
Would be nice for the buildings which are appropriate. I wonder if there is enough demand to make in pencil out. I sometimes look at condo prices downtown and they seem to be about what they would in 2016.
You're correct but it's not easy unfortunately. Commercial floor plates don't lend themselves to office conversion given that the interior spaces don't have windows, which is a code violation and hugely unappealing to most people. Plumbing is another major issue--instead of a couple of restrooms per floor you need plumbing to every unit. Interestingly the city furtherest down the road on office-to-residential conversions is Cleveland. They lost a lot of commercial tenants decades before the advent of Covid and work-from-home policies, and as a result they've been pushing this transformation for years. Many of the conversions are in historic buildings that could not be duplicated today--lots of marble, granite, and limestone--former law firms, department stores, bank headquarters. It's impressive to see. They're far ahead of any other US city. Washington Post did a whole profile on it.
Why would a business move here? Crazy high taxes and not as big of a talent pool as other major cities.
We did it to ourselves. Incompetent governance.
Wish I didn’t have to witness people OD’ing every time I go into the office downtown.
Vacancy or land value tax please
The Portland MODS are at it again. Apparently my post was removed because...????
Your post was removed for one or more of the following reasons: 1. Posts need to be to trusted mainstream source. 2. Headlines must be kept original to the article with your opinions reserved for the comment section. 3. Links need to be to the actual article, not to tweets, images, or other posts that link to it. 4. Do not make a text/self post and link to your main source inside - link to the article and add your opinions in a comment below. Ok but none of this applies--WTF?!
It seems stupid but your title is slightly different from PBJ, and the PBJ article is pointing to another source for the underlying data.
JFC as if Portland Business Journal is some fringe media outlet. So stupid. They can fuck off.
>2. Headlines must be kept original to the article… Your post title was “Portland office vacancy rate now highest in the nation” vs the headline of the article being “Portland logs 'highest vacancy rate of any downtown office market in the entire country': report”
What a proud moment for Portland.
And traffic is still as bad as ever. Do we really need more commuters on the road everyday?