Portland Mayoral Candidates Rene Gonzalez and Carmen Rubio
The DJC reports that developers and other real estate leaders in Portland are taking sides in Portland’s upcoming election as their industry remains turbulent.
While many national indicators point to an improving economy, Portland’s commercial and multifamily industries are still facing strong headwinds.
Those headwinds? Shrinking population, concerning outlooks for top employers Nike and Intel, and record-high office vacancies. Most recently US Bancorp tower lost its namesake tenant US Bank, adding another ~220,000sqft of vacant office space:
To add to the turbulence, November’s elections are entirely new – Portland’s first attempt at ranked choice voting, a larger City Council, and a more powerful Mayor. Many remain confused at exactly how the process will unfold. However most agree that change is needed, and local developers have made clear their preferred candidates and top issues.
Perhaps more than anything Developers and builders want a more efficient permitting process, and an environment that encourages new business and development. Those new developments are currently lagging behind:
Developers want to see a more efficient city government, particularly in permitting. The city’s transition to a reformed permitting agency has not immediately shown clear benefits, developers and investors said.
So who will see these initiatives through? For Mayor, most developers have sided with Rene Gonzalez, with Carmen Rubio receiving some backing as well. Read more here from DJC Oregon on why, and how that may influence the race:
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