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Developers and real estate investors are nervously awaiting Portland鈥檚 November elections. They鈥檙e quietly pushing for a business-friendly City Council that they hope will reinvigorate the city and dismantle barriers to development.

The Nov. 5 elections come as a sense of disquiet has settled over the local real estate industry. While many national indicators 鈥� from a booming jobs market to strong gross domestic product growth and modest inflation 鈥� point to a robust overall economy, those gains are not yet widely felt in Portland鈥檚 commercial and multifamily real estate industries.

Instead, a shrunken population, record-high office vacancies and ominous headlines concerning major employers Nike and Intel are contributing to a lack of confidence in the city鈥檚 prospects, according to interviews with real estate leaders.

鈥淲hat we need right now is strong leadership,鈥� said Greg Goodman, president of Downtown Development Group. 鈥淲e need to leave the leaf blowers and bird glass behind and make tough decisions,鈥� he added, touching on two regulatory matters that have occupied local elected officials.

November鈥檚 elections 鈥� Portland鈥檚 first experience with ranked-choice voting, an expanded City Council and a strong mayor 鈥� have prompted a degree of confusion and uncertainty among voters and City Hall-watchers, and real estate pros are no different.

Nineteen candidates are running for mayor, and 98 total candidates in four City Council districts, each one with three open positions.

鈥淚t鈥檚 a very confusing ballot process, and my fear is people are going to get frustrated and give up,鈥� said Vanessa Sturgeon, president and CEO of TMT Development.

Real estate-industry support is spread among the candidates. But, in interviews, one mayoral hopeful鈥檚 name was weighed heavily: Rene Gonzalez.

鈥淩ene鈥檚 my person,鈥� Goodman said. 鈥淲e need change agents right now, and someone who can use the bully pulpit, and I think Rene can.鈥�

Sturgeon agreed.

鈥淚鈥檓 supporting Rene for mayor,鈥� she said.

Commercial real estate broker Doug Bean also said he supports Gonzalez.

鈥淚鈥檓 going to write him a check today,鈥� he said last week. 鈥淚 want to put my money where my mouth is.鈥�

Noel Johnson, an independent developer who is at work on a multifamily project in Northwest Portland, said he has been waiting for permits for more than two years. City staff should adopt a more 鈥減ro-social鈥� mindset that is not based in ideology, he said.

鈥淚n this way, Rene seems to be the most mature and ready to have those conversations,鈥� said Johnson, who added that he donated $250 to Gonzalez鈥檚 campaign in February.

Like other developers, Sturgeon said Portland鈥檚 livability and fiscal situation are top concerns. 鈥淲e can鈥檛 be successful if we are both at a really high tax bracket and a really low quality of life in the Central City. Those two things can鈥檛 exist together.鈥�

Carmen Rubio also boasts industry supporters, including Colas Construction CEO Andrew Colas, developers Homer Williams and John Russell, and affordable housing entrepreneur Eli Spevak, all of whom have endorsed her campaign. Russell also donated to Mingus Mapps鈥� campaign.

Developers and other real estate professionals are putting their money to work for their favored candidates.

Goodman donated $350 to Gonzalez鈥檚 campaign in December 2023. Goodman has also supported United for Portland, a business-backed campaign committee. Numerous real estate interests have contributed to United for Portland, including Killian Pacific, The Wolff Company, the Portland Metropolitan Association of Realtors PAC, developer Greg Specht and brokerage Melvin Mark.

Rubio鈥檚 building-industry contributors include developers Tom Brenneke, Bob Naito, Anyeley Hallova and Chris Nelson, and architect Nolan Lienhart.

Developers want to see a more efficient city government, particularly in permitting. The city鈥檚 transition to a reformed permitting agency has not immediately shown clear benefits, developers and investors said.

鈥淚t鈥檚 one of the worst places in the country to do business,鈥� Bean said.

The bottom line for many real estate professionals is that Portland should live up to its motto: The city that works.

鈥淲e need to be running the city in a fashion that will make it safe and will be inviting to businesses to open up and flourish in the community and make it affordable and easier to process development projects,鈥� Bean said.

Goodman said he鈥檚 concerned with Portland鈥檚 declining population.

鈥淲e鈥檙e losing a ton of people,鈥� he said. 鈥淧eople aren鈥檛 buying our product, and they鈥檙e voting with their feet and leaving.鈥�

Once a new council is sworn in, Sturgeon said a return to fundamentals is necessary.

鈥淚 really hope that they focus on the basics, and there is more accountability and responsible spending,鈥� she said.