Downtown for All:
An Urgent Action Plan

Bull Run Center members endorsed these recommendations on February 24, 2026.
80.2% approve | 13.9% neutral | 5.8% oppose

Three Big Recommendations:

Unlock Investment and Restore Confidence

Right time: Prioritize projects that deliver results within 3–5 years. These near-term wins build market confidence by strengthening belonging, expanding opportunity, and supporting long-term stability, laying the groundwork for major long-term and community-led investments.

Right place: Revitalize the Central City —especially Downtown—as as a shared civic center that supports regional economic vitality and quality of life.

Adopt a Common Framework for Action

Within the “Focus for Impact” framework, we outline five objectives for collective investments in the future of the Central City.

Turn Alignment Into Action by Establishing an Independent Downtown Stewardship Group

Portland’s next chapter requires the connective tissue that turns individual efforts into collective impact. Our proposal builds on the work of the Central City Task Force, with insights from national models and local stakeholders. To build a Downtown for all, Portland needs a Downtown Stewardship Association that is inclusive and accountable to a broad set of stakeholders.

What comes next?

This summer we’re hosting a series of five dynamic work sessions to identify the most promising shared investments and actions to achieve key goals:

  1. Make Downtown Work for the Whole City

  2. Put Buildings Back to Work

  3. Help Local Businesses Survive & Thrive

  4. Make Downtown More Welcoming & Active

  5. Align Capital, Infrastructure, and Innovation

Stay tuned for the details!

Executive Summary

Bull Run Center’s “Downtown Commercial Real Estate Distress” work group was tasked with learning about cascading crises in commercial real estate in the Central City, and identifying interventions that can focus limited resources where they will deliver the greatest return for all Portlanders. Our report offers a new entry point for civic leaders who seek to create a vital Downtown for all.

Portland faces one of the nation’s worst Downtown commercial real estate crises. This moment is not only an economic challenge, but a test of whether Downtown can be a place where people across the region feel a sense of belonging, see real opportunity, and trust in long-term stability. Moving from crisis to promise requires civic leadership across sectors: State and local governments, philanthropy, financial institutions, commercial real estate, business, and community partners. If you work or lead in these sectors, this report is for you. 

Revitalizing Downtown is not just about recovery — it is about creating a shared civic place where people feel welcome and can build livelihoods. When Downtown functions this way, the economic activity concentrated in the Central City generates tax revenues that fund local governments and essential public services, supports small business formation, attracts major employers, and reinforces Portland’s reputation as a hub for innovation and talent. Further, a vibrant Central City can inspire civic pride and a powerful sense of belonging, which in turn reinforces long-term economic confidence and stability.

FAQ

  • Portland's downtown is at an inflection point. Office vacancy is approaching 40 percent, businesses have relocated, and commercial property values have fallen — eroding the tax base that funds parks, housing, mental health services, and neighborhood programs citywide. The pandemic hit Portland harder and longer than nearly every comparable city in the country.

    But Portland has something most cities don't: A civic community that takes these challenges seriously and is willing to act together.

    Downtown generates roughly 37% of Portland's local tax revenue on just 3% of its land area. The stakes are citywide — and so is the opportunity. The Commercial Real Estate Skunkworks — a Bull Run Center member initiative representing civic, nonprofit, and business institutions — was formed to meet this moment. Downtown for All is the result: A focused assessment of what's holding downtown back and a concrete call to action for restoring confidence, unlocking investment, and building a downtown that works for everyone.

  • Downtown for All is built on the work already underway. The Mayor's New Downtown Taskforce, the Chamber, Downtown Clean & Safe, Prosper Portland, city bureaus, philanthropic partners, and private stakeholders bring significant resources, expertise, and relationships to this work — and their continued leadership is essential.

    What this framework adds is a shared structure for aligning those efforts around common priorities, measuring progress, and filling genuine gaps — and a vision for ensuring that the future of downtown is planned to serve the full community in a way that builds growing citywide pride and investment in downtown over time.

    The research and stakeholder engagement behind this report point to a clear opportunity: With a coordinating function that spans the full range of downtown stakeholders, Portland's existing investments can work harder and go further. That is the animating idea behind Downtown for All.

  • Portland has talented organizations working hard on downtown. What's been missing is a dedicated function focused on sequencing major initiatives across sectors, aligning capital timing, tracking shared metrics, and maintaining continuity across administrations and budget cycles. That function would strengthen everything else, not compete with it.

    Cities that have navigated comparable recoveries — including Detroit, Philadelphia, and San Antonio — have relied on exactly this kind of dedicated coordination capacity to give fragmented efforts a common spine. Portland can do the same. Any model would be developed in close collaboration with district organizations, business leadership, and city government, and designed from the outset to be additive.

  • Because downtown recovery is systemic — and a narrow playbook risks solving one problem while reinforcing another.

    The 40 strategies are a comprehensive catalogue: best practices, proven models from peer cities, promising local ideas, and efforts already underway. The breadth is intentional. Land use, public safety, economic development, housing, arts and culture, retail, transportation, and governance are all connected. Understanding the full landscape is the precondition for making smart choices about where to focus first.

    And focus is exactly what comes next. The research behind this report points clearly to a smaller set of high-impact initiatives capable of delivering visible results within three to five years. The next step is disciplined prioritization — a process that, done well, produces the kind of genuine alignment that attracts resources, political will, and sustained commitment.

  • Portland is in a rare moment — one where decisive action can set the city's trajectory for a generation.

    Billions of dollars in catalytic investment are already advancing: the Broadway Corridor, Albina Vision, the OMSI District, the James Beard Public Market, and others. These projects represent years of community vision and reflect deep confidence in Portland's future. Together, they are the most significant reshaping of the Central City in decades.

    The conditions to maximize that investment — a welcoming, safe downtown; aligned civic and business leadership; a public sector delivering on time — are within reach. The choices being made right now will determine whether these forces converge into lasting transformation. Downtown for All is about making sure they do.

  • Directly — because structural barriers are often what stand between a good idea and real results.

    For building owners and investors, the framework addresses loan covenant constraints, distressed valuations, and conversion costs through loan modification assistance, office-to-residential conversion incentives, streamlined permitting, and capital alignment tools designed to make transactions financially feasible.

    For small businesses, it tackles insurance costs, permitting complexity, and risk-heavy lease structures through collective insurance programs, a retail navigation ombudsman, master lease models, and storefront activation grants.

    For civic and nonprofit organizations, it protects long-term access to affordable Central City space through community land trust expansion, nonprofit real estate acquisition support, and mission-aligned investment tools.

    Lowering friction and removing barriers is as important as launching new programs — and this framework treats it that way.

  • With honesty and a commitment to integrated solutions.

    Downtown for All is not a homelessness or behavioral health strategy — those challenges require dedicated systems and sustained public investment. But the framework takes seriously what anyone who spends time downtown already knows: that behavioral health crises, visible poverty, and inconsistent crisis response are real barriers to a thriving downtown, and that recovery depends on addressing them directly.

    The framework's most direct response is the proposed Neighborhood Safety Centers — co-locating police, mental health clinicians, crisis responders, and community service providers in an integrated, accountable model that improves public safety while strengthening pathways to care. It also calls for screening major initiatives for impacts on unhoused and low-income community members and tracking outcomes for vulnerable populations alongside economic indicators.

    The goal is a downtown that is genuinely safe and welcoming for all Portlanders. Portland has spent years caught between approaches that emphasize enforcement without root causes and services without accountability. Downtown for All insists that a better path is available — and that recovery depends on taking it.

  • Arts and culture are not an add-on in this framework. They are central to what a recovered downtown looks like.

    Portland is entering a remarkable moment of cultural infrastructure expansion: the Portland Art Museum's Rothko Pavilion, the James Beard Public Market, the OMSI District's Center for Tribal Nations, Albina Vision Trust's landmark redevelopment celebrating Black culture and community, and new music venues are collectively reshaping Portland's civic and cultural identity. These projects have been years in the making, and they depend on — and will help create — a downtown that is safe, welcoming, and economically alive.

    The Civic Playbook builds on this momentum through Design Portland, Seasonal Activation Campaigns, a Festival and Events Fund, and Downtown Film and TV Production support — positioning artists and creative producers as active agents of recovery. The framework tracks arts and culture attendance alongside traditional economic indicators, sending a clear signal: a recovered downtown is a place people want to be, not just a place where office space gets filled.

    Portland's creative ecosystem is one of its most distinctive assets. This framework asks civic leaders to invest in it accordingly.

  • As an initiative of the North Star Civic Foundation, the Bull Run Center convenes civic, business, philanthropic, and public-sector leaders around complex challenges that require cross-sector coordination and durable alignment. Downtown recovery is exactly that kind of challenge.

    Over the next year, Bull Run members will convene a broad set of community stakeholders to help refine and sequence the Downtown Playbook into a focused implementation agenda. This is the first next step.

  • Concretely, consistently, and publicly.

    Downtown for All proposed a shared “Performance & Recovery Framework” to assess strategies, sequence decisions, and reinforce accountability. It builds from the Governor's three measurable 2030 commitments — full foot traffic recovery, 2 million square feet of net office absorption, and 2,500 housing units in the pipeline — and extends them into a broader set of indicators aligned with Downtown for All's five priorities.

    Indicators will track worker presence, vacancy rates, storefront activation, safety perception, capital deployment, housing pipeline, fiscal contribution, and arts and culture activity. Progress will be organized across four time horizons: Reset (2026), Rebound (2028), Recover (2031), and Renew (2040).

Executive Summary

The question facing Portland is not whether downtown will change; it already has. The question is whether that change is shaped deliberately, on terms that reflect the city's values, or left to chance.

All healthy cities have strong downtowns — not because of office towers alone, but because of density: people, ideas, institutions, small businesses, arts, education, and civic life reinforcing one another. Downtown Portland represents roughly 3% of the city's land area yet generates approximately 37% of local tax revenue and 57% of citywide economic output. It anchors transit, employment, higher education, cultural institutions, and opportunity pathways across the region.

For workers, entrepreneurs, families, and cultural institutions, downtown creates opportunity that no single neighborhood can replicate — and no neighborhood is insulated from what happens when it falters.

What This Report Contains

Downtown for All includes the following components:

  • Executive Summary — The case for action, three core recommendations, and the path forward

  • Diagnostic Assessment — An analysis of downtown's structural challenges across office markets, fiscal health, housing, employment, and public sentiment

  • Three Core Recommendations — A focused recovery strategy, a shared five-objective framework for collective investment, and a proposal for a Downtown Stewardship Association to drive sustained coordination and accountability

  • Civic Playbook — 40 strategies organized across five objectives, each with precedents from peer cities, lead organizations, and illustrative success metrics

  • Strategy Alignment Table — A side-by-side assessment of each strategy's priority, current status, and alignment with Advance Portland, the Governor's Central City Task Force report, and the Tax Advisory Group's findings

  • Strategy Spotlight — A deep dive on artist residencies as a model for activating vacant space, with national precedents and program design guidance

  • Appendices — Supporting data on commercial real estate finance, the state of the Central City, 47 proposed catalytic investments, stakeholder perspectives from major community-led projects, and FAQ

Three Core Recommendations

1. Focus to Make an Impact: Unlock Investment and Restore Confidence

With constrained capacity and capital, disciplined focus is essential. Portland Rising calls on civic, business, philanthropic, and government leaders to concentrate limited resources on interventions capable of delivering visible, measurable results within three to five years — prioritizing implementation-ready actions, protecting existing public and community investments, and sequencing efforts to reduce risk and build momentum.

2. Adopt a Common Framework for Action

Recovery requires shared direction. Portland Rising proposes five objectives to guide collective investment:

  • Make Downtown Work for the Whole City

  • Put Buildings Back to Work

  • Help Local Businesses Survive and Thrive

  • Make Downtown More Welcoming and Active

  • Align Capital, Infrastructure, and Innovation

A Civic Playbook of 40 strategies supports these objectives — a comprehensive catalogue of best practices, promising ideas, and existing efforts organized around these five priorities. The playbook is a starting point for focused action, not a list of equal priorities.

3. Establish a Downtown Stewardship Association

Portland's recovery will not be won in a single administration. It requires sustained coordination across capital, policy, safety, housing, and activation over multiple election cycles.

Today, no single body carries responsibility for sequencing major initiatives, aligning capital timing, tracking shared metrics, or maintaining continuity across administrations. The result is drift — and in a recovery this fragile, drift is a decision.

Downtown for All calls for a durable, cross-sector Downtown Stewardship Association to fill this coordination gap. It would not replace existing organizations – it would function as connective tissue – quarterbacking complex multi-partner initiatives, aligning public and private capital, tracking progress against shared metrics, and communicating results publicly. Its authority would be coordinative, not regulatory. Local stakeholder consultation and exploring peer city models will inform its design.

The Scale of the Challenge

Portland's downtown is in serious distress — among the most challenged of any major American city.

  • Office vacancy approaches 40 percent

  • The top 20 downtown office buildings lost $1.7 billion in value between 2019 and 2024

  • Downtown has lost roughly 11 million annual visitors since 2019

  • Worker presence remains at approximately 55 percent of 2019 levels

  • Portland ranks 80th of 81 major metros for investment attractiveness — down from 3rd in 2017

  • Multifamily housing permits in 2025 fell to their lowest level since 2009

  • The city faces a $150 million budget gap, its largest in a decade

These conditions are interconnected. Economic contraction erodes confidence. Reduced confidence suppresses investment. Fragmented responses slow recovery. When downtown contracts at this scale, the consequences extend to every neighborhood — through reduced tax revenue, diminished job pathways, slower housing production, and pressure on public services.

The Moment

The next three to five years are decisive. Major community-led investments — Albina Vision Trust, James Beard Public Market, Broadway Corridor, OMSI District — are breaking ground now. New TIF districts will generate capacity around 2030.

The window to shape this recovery on Portland's terms is open — but it won't stay open indefinitely.

Portland has the assets, the leadership, and the capital commitments to succeed. Portland Rising is a call to act with focus, discipline, and shared accountability.

A Recovery for All Portlanders

Recovery must be both economically strong and socially responsible — and these goals reinforce one another.

Implementation must include coordination with service providers, safeguards against displacement, and explicit attention to vulnerable populations. Arts, culture, and creative industries are not amenities to be added after recovery is underway — they are drivers of it. The Rothko Pavilion expansion, Albina Vision Trust's restorative work in Lower Albina, the Center for Tribal Nations, and the James Beard Public Market are not just inspiring projects — they generate foot traffic, support small businesses, and define Portland's identity and competitive position nationally.

The goal is a downtown that works for all Portlanders: residents, workers, entrepreneurs, artists, families, and visitors. A downtown that is active not just during office hours but across the full day and week. A downtown that reflects the values — creative, inclusive, community-driven — that made Portland a destination in the first place.