Portland’s office vacancy rate continues to rise

Downtown Portland's office vacancy rate has risen to 24.4% in Q4 2024, with an increase in empty spaces by 262,000 square feet. The Central Business District's vacancy rate is even higher at 34.7%. This marks a rise from 30.2% in 2023 and is the highest among downtown areas nationwide. Despite this, there was a 60% increase in leasing activity from Q3 to Q4 2024. New Mayor Keith Wilson has urged city managers to return to the office by April, addressing ongoing financial issues and homelessness.