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Liberal left cities ain't helping commercial r.e.

Tom D

Elite Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
After Digital Trends moved out of the U.S. Bancorp Tower in Portland, Ore., the technology publisher didn’t hold back about why it left.
The property, once a premier address in the city, was afflicted with “vagrants sleeping in hallways of vacant office floors.” They were “starting fires in stairwells, smoking fentanyl and defecating in common areas,” according to papers the company filed in a lease-termination lawsuit.
Two years later, the city’s biggest office tower stands more than half empty. U.S. Bank, the largest tenant whose parent company’s name is on the building, pulled most of its employees out last year after more than a century in the city.
The 42-story tower was recently put up for sale. The building affectionately known as Big Pink because of its pink-hued Spanish granite and pink glazed glass has an asking price of about $70 million, according to brokers. That is more than 80% below what the owners paid for it a decade ago.
Portland’s first-quarter office vacancy rate at 35% was the highest among the 25 largest central business districts in the U.S., according to real-estate firm Colliers.
Portland’s office turmoil is spilling over to the residential market. A $600 million development including condos, office space and a Ritz-Carlton hotel that opened in 2023 is struggling. A lender is trying to take title to the property, partly because condo sales have been weak.
 
The folk's against law and order have cost the Left Coast Cities Billions in lost rents and property crimes and vandalism.
 
Ice Cream shop banned cops from her store and supported BLM, only to now being crying for help. She is suing Seattle to give her more police protection.

 
Ice Cream shop banned cops from her store and supported BLM, only to now being crying for help. She is suing Seattle to give her more police protection.

The pathetic nature of the liberal thought process is stunning to behold, childlike in its naivety.
 
The destroy everything they get near.
 
Today I went to SF to see a Broadway show.
So many vacancies, urine smelling streets, shady characters loitering in doorsteps constantly watching my back... felt like an apocalyptic scenario. So different when I was in Europe.
The new SF mayor (heir to Levis empire) is more moderate and making proactive changes for better SF future.
He's smart in criticizing but never mentioned Trump's name.
 
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