![]() ![]() “Too many homeless and crazy people running around. Last week, WW reported that the Benson had lost two large clients due to downtown conditions, per an email written by a top Benson executive and obtained by WW. “It’s much, much lower.”Īn exodus of lessees from downtown office spaces places building owners in an impossible bind: reinvest more capital to refinance the loan and stick it out or enter foreclosure and give the keys to the bank.Īnd if there’s one industry that is giving a taste of what’s to come for office buildings, it’s Portland’s downtown hotels. “You’ve got vacancy, and frankly, a more important number to focus on has to do with the office utilization,” Squire says. He says those spaces will show up in vacancy figures when five- and 10-year leases expire in the next two years. But the real number may be much greater.ĭavid Squire, executive vice president of the real estate brokerage Newmark, estimates there’s a much larger share of office space that’s still leased but unused. to a 5,000-square-feet conference room in the same building, telling WW it is “leading by example for other businesses looking to reduce their environmental impact.”Īccording to the latest estimates, office vacancy downtown is at 26%. ![]() So can the 1,900 Standard Insurance workers who once populated two enormous buildings downtown, and 600 NW Natural employees.Įnvironmental consulting firm ClearResult recently downsized from 60,000 square feet in a waterfront office building at 101 SW Main St. ![]() Portland General Electric’s 900 downtown employees can work remotely if they choose. ![]()
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