Portland, Oregon, is witnessing a dramatic shift in its downtown landscape as the iconic US Bancorp Tower, colloquially known as “Big Pink,” struggles to find tenants. Once a vibrant hub for technology firms and other businesses, the 42-story structure currently boasts an occupancy rate of less than 50%. Recently listed for sale at a significantly reduced price of $70 million—down from the $372.5 million it was sold for in 2015—the tower’s decline embodies broader challenges facing the city center.
As Portland grapples with rising office vacancies, its downtown has been slower to bounce back from pandemic-induced disruptions compared to other major U.S. cities. The city’s office vacancy rate reached a staggering 35% in the first quarter of this year, ranking it the highest among the nation’s 25 largest urban centers. High-profile companies like Adobe and Wells Fargo have either reduced their presence or moved to suburban locations, exacerbating the challenges for remaining businesses.
Compounding the issue are persistent problems such as homelessness, public safety concerns, and a previously unsuccessful attempt at drug decriminalization. The situation has raised alarms about the potential long-term effects on urban vitality. Industry observers caution that Portland must act decisively to avoid a prolonged period of decline.
In recent months, there have been some signs of potential recovery in the city. Reports of declining violent crime and a renewed focus on public safety are part of efforts spearheaded by Mayor Keith Wilson and the county district attorney. Both officials are working on initiatives aimed at improving the perception of downtown living and working conditions.
Mayor Wilson expressed disappointment with negative media portrayals of the city, wishing that coverage would focus more on the positive developments such as new residents and business opportunities. He is advocating for infrastructure improvements, including a proposed direct bridge to a nearby parking garage, aimed at encouraging more foot traffic to Big Pink and the surrounding area.
Despite these challenges, there is hope that Portland can revitalize its downtown. Ongoing discussions about improving safety and livability may attract businesses back to the area, while efforts to address the city’s homelessness crisis continue.
As Portland navigates this transitional phase, the fate of Big Pink will be a critical barometer for the broader recovery of the city’s downtown. With new leadership and community initiatives on the horizon, the potential for renewal remains, albeit against a backdrop of significant obstacles.