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.”"

  • HabahnowEnglish
    6·
    1 year ago

    Would be really nice if more of that office space were apartments. So long as work from home numbers don’t decrease too much, I can imagine those building will slowly turn to condominiums and apartments.

    • shalafi@lemmy.worldEnglish
      3·
      1 year ago

      Carbon footprint would be lower to demolish and rebuild. Having floors and ceilings and walls does not make a multi-residence space.

      • HabahnowEnglish
        3·
        1 year ago

        Lol housing pricing in Portland is higher than average. That doesn’t happen if you have enough housing for people

          • HabahnowEnglish
            2·
            1 year ago

            That doesn’t explain the very high price for housing. Why would the price remain so high, if nobody wants to live there? I’d argue people still want to live there.

              • HabahnowEnglish
                2·
                1 year 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.