The Wall Street Journal reported that while office space occupancy rates in most major cities are recovering from pandemic-era lows, Portland, Oregon’s 35% vacancy rate has not budged. The high vacancy rate is being attributed to employers fleeing the city over crime and quality of life issues that are associated with the ongoing homelessness crisis that was fueled by Oregon’s experiment with drug decriminalization. Notably, the U.S. Bancorp Tower in Portland, the city’s premier tower, is currently on the market for $70 million—more than 80% below what the owners paid for it a decade ago.
