The US Bancorp Tower, once a crown jewel of Portland’s skyline, now sits more than half empty and is up for sale at $70 million – a 80% decrease from its original price in 2015. The tower’s struggles highlight the city’s downtown challenges, including rising homelessness and a failed drug decriminalization effort. With an office vacancy rate of 35%, Portland’s downtown has been slower to recover than other major US cities.
Major tech companies like Digital Trends have left the tower due to safety concerns, including reports of public drug use and fires in stairwells. However, recent developments suggest some improvement in the city, with reported declines in violent crime and efforts by a new pro-business mayor to address safety concerns.
Mayor Keith Wilson is working to revitalize Big Pink by supporting plans for a direct bridge to a nearby parking garage, making it more accessible to tenants. Despite this, he criticizes the media’s focus on Portland’s troubles, saying they should also highlight the city’s rapid improvements in public safety and business opportunities.
Source: https://www.newser.com/story/368984/big-pink-serves-as-symbol-of-portlands-doom-loop.html