More than a third of the offices in this picture are likely empty. Photo: Joe Sohm/Visions of America/Universal Images Group via Getty Images
Portland had the highestoffice vacancy rate in the country — 35% — in the first quarter of 2025, according to the Wall Street Journal, which cited real-estate firm Colliers.
That's among the 25 largest central business districts.
Threat level: Downtown's commercial real estate market is still facing substantial challenges.
The Block 216 tower, home to the Ritz-Carlton Hotel and some private condos, is struggling to attract tenants, and U.S. Bank's Big Pink tower — the largest office building in the state — lost its namesake tenant and went up for sale last week.
Yes, but: There have been some encouraging signs. Small business owners appear to be optimistic about the central city's future and foot traffic is picking back up, too.
Editor's note: This story has been corrected to reflect that the building struggling to attract tenants is the Block 216 Tower (not the Ritz Carlton).
