#1,681- Empty storefronts remain common in downtown Portland, with no sign of a comeback

The pending closure of REI’s Pearl District store underscores the ongoing struggles for retail businesses in Portland’s core, with retail availability stubbornly high three years after the pandemic hit.

More than 7% of retail and restaurant spaces in downtown Portland were available for lease in the first quarter of the year, according to the latest data from the commercial real estate firm CoStar. That’s nearly triple the rate of availability in 2019.

The tally doesn’t include owner-occupied spaces so the actual rate of empty storefronts is surely higher – probably in the double digits, according to John Gillem, CoStar’s director of market analytics in Portland. But regardless of the precise number, he said the upward trajectory on vacancies and availability has been consistent.

“The core, obviously, (is) still trying to get the ball rolling on a recovery,” Gillem said.

REI blamed crime and theft when it announced plans to close early next year, along with issues with its landlord. But sales don’t appear to have been a problem – REI said it had “outgrown” its Pearl District location and the outdoors cooperative indicated it’s looking for a new location in the Portland area, though wouldn’t say where.

It may find the pickings are slim.

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