On March 12th, 2022, Oregon lifted its statewide mask mandate, marking an end to almost all of the State’s COVID-19 era business restrictions. As a result, retail demand in Portland is finally stabilizing and is positioning itself for a rebound in 2022. Barring any major setbacks from emerging variants, Portland might be heading back to a sense of normalcy in 2022.
Portland is still benefiting from COVID-19 era population trends, which should strengthen retail leasing going forward. As more companies in pricey coastal cities such as San Francisco and Seattle shift to a telework model, many of these workers are moving to Portland for more affordable living.