Commercial and multifamily loan originations soared in late 2025 as once-frozen credit markets resumed flowing freely, a lender said at an industry event in Portland on Thursday.

Multifamily loan originations grew 25 percent in the third quarter of 2025, while office loans nearly tripled as values reset and investors pounced, said Matt Dzbanek, a lender with Ariel Property Advisors.

Nationally, $936 billion in commercial real estate loans will mature this year, adding significant flexibility, according to Dzbanek. He predicted debt will sluice through real estate this year.

“There’s going to be a lot of liquidity in the market,” he said.

Dzbanek delivered his comments during HFO Investment Real Estate‘s annual multifamily market forecast at AVENUE on Northeast Grand Avenue. The brokerage’s 21st annual event Thursday brought together investors and others to hear from industry analysts.

Locally, the picture is mixed, analysts said. Multifamily vacancies rose to 5.47 percent in 2025, up from 4.49 percent a year earlier. But rents grew modestly in Portland’s metropolitan statistical area, from $2.04 per square foot on average in 2024 to $2.11 last year.

Rent growth will remain muted in the near term as older assets face greater price pressure, said Greg Frick, an HFO partner and the event’s moderator.

“Vintage matters more than ever,” he said.

New multifamily supply will remain sparse, with only 2,319 units permitted in 2025 through August in buildings of five units or more, according to census data.

Efforts to boost supply, including Portland’s waiver of system development charges, have yet to bear fruit.

“For market-rate (housing), the pipeline is very, very dry,” Frick said. “We do still see new deliveries being constrained.”

Frick predicted positive in-migration will continue in the Portland area this year after the population declined post-pandemic. Job growth has stabilized, he said.

Economist John W. Mitchell cited national statistics showing a “pretty dramatic slowing” in the labor market, with job openings falling. But neither are employers rapidly shedding jobs, he said.

“We’re in a no-hire, no-fire economy,” Mitchell said.

The U.S. economy grew at a 4.3 percent rate in the third quarter of 2025, buoyed by strong consumer spending. Years of rising stock prices have contributed to a “K-shaped” economy, where high-income consumers continue to spend, while lower-income consumers stagnate, Mitchell said.

Oregon continues to lag much of the nation. Job growth ranked 30th in the nation in the third quarter, while the state’s 5.2 percent unemployment rate was 47th.

One piece of good news for landlords: With high housing prices in many cities, it makes sense for many residents to rent, Mitchell said, citing a recent article in The Economist.

“For most people, it pays to rent,” Mitchell said. “That bodes well for your business.”

Melissa Wall, a certified public accountant for Aprio in Portland, discussed various real estate tax strategies for avoiding gains taxation. The 2025 One Big Beautiful Bill Act established permanent opportunity zones.

The investment zones — first rolled out in 2017 — allow real estate investors to avoid gains taxation if a qualified investment is held for 10 years, and provide certain lesser tax benefits if an investment is held for five or seven years.

Much of central Portland, including downtown, was designated an opportunity zone, providing an investment incentive as the area struggles with one of the highest office vacancy rates in the nation.

1031 exchanges, which allow real estate investors to roll the proceeds from a property sale into buying another piece of real estate, remain popular, Wall said. She urged investors to speak with a CPA.

“Complexity is increasing,” she said.

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Goldman Sachs Asset Management has taken a 78 percent loss on a Pearl District mixed-use building.

Goldman sold the 42,000-square-foot property at 300 N.W. 14^th Ave. in Portland earlier this month for $3.6 million after purchasing the asset for $16.8 million in 2017.

The transaction is the latest sign that Portland’s real estate market continues to aggressively re-price commercial properties at much lower values.

The property, known as the 300 Building, sold to REALM in partnership with HP Investors. REALM describes itself as “an exclusive investment collective consisting of more than 100 ultra-high net-worth individuals, family offices and foundations dedicated to direct real estate investing.”

Built in 1946, the 300 Building was extensively renovated in 2012. REALM pointed to the former warehouse’s “efficient floor plates” and 34 underground parking spaces.

“REALM’s latest acquisition of 300 NW 14^th Ave. in Portland is the epitome of what we look for in an investment — the ability to purchase a high quality, well-amenitized building in an excellent location at a compelling basis,” said Travis King, founder and CEO of REALM, in a prepared statement. “REALM is excited to grow its presence in the Portland market, which offers an attractive quality of life and vibrant culture, which should continue to drive momentum and business expansion going forward.”

REALM will look to restructure existing leases, implement targeted building upgrades and adjust rents to market where feasible, according to the investment group.

The property “provides an immediate, high in-place cash yield with limited capital requirements, offering meaningful downside protection,” the company stated.

The transaction, which was recorded in Multnomah County on Dec. 12, values the 300 Building at approximately $86 per square foot.

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Portland’s Menashe Properties has doubled down on Chicago office space, purchasing a 31-story tower in the West Loop area for $51.5 million.

The commercial real estate firm closed on its acquisition of 125 S. Wacker Drive on Friday, according to an announcement. It is Menashe’s second major purchase in Chicago, after the acquisition of 230 W. Monroe Street, a 700,000-square-foot tower, in 2023.

“It is amazing the momentum in Chicago,” said Jordan Menashe, the firm’s CEO and principal.

The seller was La Caisse, a major investment firm based in Quebec, Canada.

Chicago’s office market is heating up, Menashe said. Meanwhile, developers can’t build spaces on speculation fast enough, he added.

“You can’t move fast enough for the market right now,” he said. “It is under-officed.”

The recent purchase values 125 S. Wacker Drive, a 640,000-square-foot property, at approximately $80.47 per square foot. The building is across Adams Street from Willis Tower, formerly Sears Tower – the tallest building in Chicago and the third-tallest building in the United States.

Menashe Properties often looks to purchase somewhat distressed assets and increase their occupancy. In 2024, the firm purchased Montgomery Park, a 768,443-square-foot building in Northwest Portland, for $33 million after it was foreclosed upon.

The Chicago building at 125 S. Wacker Drive is 63 percent leased, Jordan Menashe said. It has no anchor tenant.

“There is no tenant that has more than one floor,” Menashe said. “What does that do for you? It offers you flexibility.”

Chicago’s most desirable office space is occupied, leading tenants to consider the next tier, Menashe said.

“Trophy, class-A (office space) is full,” he said. “Class-C is never coming back.”

The Wacker Drive property is an “A to A-minus” property, he said.

Occupancy at Menashe’s other Chicago property, 230 W. Monroe Street, grew from 60 percent to 85 percent in less than two years, Jordan Menashe said. Stream Realty Partners will lease and manage both properties.

Menashe Properties’ Chicago purchase comes as dealmakers establish a new, post-pandemic ground floor for downtown Portland office values. The PacWest Center sold last week to an Alaska developer for a reported $55.7 million, or $101.64 per square foot.

In July, the U.S. Bancorp Tower — better known as Big Pink — sold for $45 million, or about $39.13 per square foot.

Office property is gaining momentum in other West Coast cities, Menashe said.

“It’s starting to build in San Francisco and Seattle, which bodes well for good ol’ Portland,” he said.

Menashe said Portland is perhaps seven years behind Chicago’s office market.

Portland has cleaned up since the pandemic, he added, but it lacks attractiveness to businesses.

“They have to lower taxes in Multnomah County,” he said.

Menashe Properties was founded by Jordan’s father, Barry, in 1978 and is one of the largest owners of Portland real estate. The company owns more than 7 million square feet of commercial real estate, including, in Portland, the 12th & Morrison Building in the West End, the Plaza on 6th, the American Bank Building and the JK Gill Building. The firm also owns major commercial properties in Dallas, Seattle and Denver.

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The PacWest Center in downtown Portland has sold to an Alaska buyer at a steep discount, according to a report.

Willamette Week late Wednesday that the property sold for $55.7 million, or $101.64 per square foot. The price is less than half its most recent pre-pandemic transaction, but higher than the price for another iconic tower that recently sold.

A deed of trust filed with Multnomah County on Thursday shows the buyer used a $44.58 million loan from the First National Bank Alaska, based in Anchorage. Another public filing, the special warranty deed, shows the property sold for $10 “and other good and valuable consideration,” hiding the true purchase price.

Fountainhead Development, based in Fairbanks, Alaska, purchased the 30-story office building, the fourth-tallest building in Portland, from an entity linked to Lincoln Property Co.

The 547,992-square-foot building at 1211 S.W. Fifth Ave. was developed beginning in 1984 by Tokyo-based Mitsubishi Estate Co. and completed in 1988. It was extensively renovated in 2019. The sleek silver tower is well-known locally for its outdoor tree, planted on the 25^th floor.

The building last traded hands for $161.5 million in December 2007. Commercial real estate in Portland has traded at much lower prices since the pandemic emptied out downtown office towers. The city has approximately 9 million square feet of vacant office space.

PacWest’s recent sale gave it a significantly higher valuation than the U.S. Bancorp Tower — better known as Big Pink — earned when it sold for $45 million, or about $39.13 per square foot, in July.

Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Directors Kellen Kollmorgen and Jakob Nicholls represented the seller.

“PacWest exemplifies resilience and opportunity in Portland’s evolving office market,” Kucha said in a prepared statement. “With its transit-oriented location, market-leading amenity package and premium view space, the buyer recognized the tower’s ability to cater to both traditional and creative tenant requirements in a location with enduring demand drivers.”

The property is 50 percent leased, primarily by legal, banking, wealth and investment management firms, according to Newmark.

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The team with a long-awaited plan to redevelop Centennial Mills, in Northwest Portland, will have to wait at least four more weeks for potential approval after design commissioners on Thursday punted on a vote.

Commissioners agreed to a request from Portland Permitting & Development staff members who said they need time to write a condition of approval regarding river access, and to tie up other loose ends.

Commissioners had appeared to be on the verge of approving the redevelopment scheme, and a staff report prepared for Thursday’s meeting recommended approval.

The proposal from a local group led by Lindquist Development would transform the largely vacant 4.4-acre parcel at 1362 N.W. Naito Parkway. Lindquist proposes to construct three buildings with 272 residential units and four retail spaces.

Two of the buildings would be five stories, while the remaining building would rise six stories in a five-over-one configuration. Plans call for including 174 below-grade parking spaces.

The developer also has set aside land for open space, including a woonerf — a shared roadway for pedestrians, bicyclists and motorists — a plaza and a staircase that would provide Portlanders access to the Willamette River.

“This has an opportunity to be an iconic moment along the river,” Commissioner Tina Bue said.

The plan also dedicates space for a pedestrian bridge over Naito Parkway. But Kurt Schultz, principal and director of housing at SERA Architects, who is the lead designer for Centennial Mills, acknowledged that there’s no funding in place for the bridge.

Members of the public who testified on Thursday expressed concern about whether the river access would be good enough, and how to ensure Lindquist Development follows through with its promises.

Centennial Mills represents a unique opportunity to give Portlanders access to the river in Northwest Portland, said Sage Bachman, community outreach manager for the Human Access Project, a local advocacy group.

“In reality, there are very few ways for people to physically connect to the river,” she said.

Bachman added that the city’s Northwest quadrant is “completely lacking in public access to the river.”

For design commissioners, the remaining questions were largely aesthetic. Some commissioners said they were torn between a desire to honor the site’s industrial history, while allowing for some design flexibility.

Designers don’t necessarily have to use the darker colors of industry, Bue said.

“Is there a different way to look at color as a response to the environment instead of just harkening back to what was there before?” she said.

The project is up against a ticking clock: A zoning change that will limit the site’s buildable land area will take effect in December. If the project is not entitled by then, the new rule may affect the project’s feasibility, Schultz said.

The project’s extensive public space is “more than adequate,” Schultz said.

“We’re just trying to preserve buildable site area on a very constrained site, and we’re concerned about losing even more buildable area to open space,” he said.

The four-week delay until the commission will again consider the project is only the latest setback for Centennial Mills. Prosper Portland tried for years to entice developers to build on the site after the city took control of the parcel in 2000, only to be repeatedly rebuffed.

Previous developers to consider the site before eventually backing away include Lynd Opportunity Partners, Harsch Investment Properties, LAB Holding, Venerable Properties and Intrinsic Ventures. Finally, in September 2024, Prosper Portland sold the site for $1.25 million to 1362 Centennial Mills LLC (MLR Ventures), tied to Portland developers Tim and Lucas Ralston, washing the city’s hands of the troubled property. The Lindquist group soon took over from the Ralstons.

The Centennial Mills project team is tentatively scheduled to return before the Design Commission on Oct. 16.

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Portland developer Walter Bowen and his company, Bowen Property Management  Co., have sued a former executive, claiming Barclay Grayson failed to pay subcontractors on the Block 216 Ritz-Carlton tower and wrongly signed Bowen’s name to documents.

The suit, filed Aug. 15, is the latest fallout from the construction of the luxury 35-story tower in downtown Portland.

Grayson served as senior vice president and principal broker for Bowen Property Management and its affiliates from August 2003 to July 2025, when he was terminated, according to the lawsuit.

Bowen, age 83, alleges that Grayson used Bowen’s signature stamp to sign personal guarantees without Bowen’s permission. The lawsuit states Bowen, given his advanced age, is a “vulnerable person” under state law.

Grayson’s lawyer rejected the accusations. “We strongly deny the allegations,” said Thomas R. Rask III, an attorney with Kell Alterman & Runstein LLP.

The lawsuit, filed in Multnomah County Circuit Court, also centers on a dispute involving a penthouse condo at the Ritz-Carlton. Grayson agreed to purchase the penthouse and two parking spaces for $3.2 million, according to the complaint. The sale agreement also provides for Grayson to have an improvement allowance of $1.13 million, or $350 per square foot.

Bowen alleges Grayson ordered construction on the condo unit before he had closed on it, and that Grayson intended to flip it rather than use it as his primary residence. Bowen also charges that his company, BDC Construction, was never compensated for the condo improvements, which totaled “at least” $3 million, according to the lawsuit.

At least one subcontractor has filed for arbitration against BDC Construction, claiming it was never paid, according to the complaint.

The lawsuit, which was first reported by The Oregonian/OregonLive, also charges that Grayson used some of the improvements allowance on personal spending, including a wedding ring.

The legal tangle adds to a heap of trouble for Bowen’s landmark mixed-use tower. Lender Ready Capital Corp. of New York took possession of the property in July. Construction on the project began before the pandemic rocked commercial real estate, and demand for office and condo units in the tower has been modest.

Bowen is represented by Stoll Stoll Berne Lokting & Shlachter P.C.

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“Big Pink,” the iconic office tower in downtown Portland, is for sale.

Brokerage JLL recently published a listing for the 42-story skyscraper. Completed in 1973, U.S. Bancorp Tower, which is better known by its rose-shaded nickname, is Portland’s largest commercial building, spanning 1.15 million square feet.

It’s also the city’s second-tallest building, behind only the Wells Fargo Center.

“Portland will never see another building like U.S. Bancorp Tower, considering the asset’s extraordinary scale and the complete absence of new development planned in the urban core for the foreseeable future,” JLL’s listing states.

Last fall, U.S. Bank said it would exit the tower and move most of its employees who were based there to Gresham amid a broader pullback in office occupancy in downtown Portland.

The building previously was purchased by Seatle-based Unico Properties and its ownership group for $372.5 million in 2015.

Large-scale commercial buildings in Portland resold since the COVID-19 pandemic have done so at massive discounts.

Montgomery Park sold for $33 million in 2024 after fetching $255 million in 2019. Block 1 in the Pearl District‘s Brewery Blocks sold last year for $21 million after it was valued at $44.76 million in a 2007 transaction.

U.S. Bancorp Tower’s current ownership has invested $18 million in capital improvements for the building since 2016, according to JLL.

Big Pink is 45.7 percent occupied, according to JLL. The building also offers 999 parking spaces and Portland City Grill, a luxurious restaurant on the 30th floor.

Another Portland tower, the 30-story PacWest Center, was also recently listed for sale.

Unico Properties has a large portfolio of more than 20 properties in the Portland area, including the Moda Tower, Galleria building and Sixth + Main.

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With aging office buildings trading at discounts because of high vacancies, developers have opportunities to invest in conversions of buildings into housing, education facilities, hotels, life science centers, and health clinics, according to a published by Gensler late last year.

The surplus of outdated office buildings and the flight of office users out of many cities has led to a boom in such projects, according to the firm. The adaptive reuse boom is poised to create valuable new real estate, Maurice Reid, office managing director in Gensler’s Portland office, stated in an email. Creative conversions could include retail to health care, retail to sports, office to senior living, and office to science labs, according to Gensler.

“While conversions have been discussed a lot over the last year, conversations have shifted to alternative options for these transformations, especially considering the challenging policies that make such conversions more cost-prohibitive,” Reid stated.

Permits issued in Portland from January 2024 through April 2025 led to completed conversions such as an office space to an ice cream shop at 3987 N. Mississippi Ave.; a vacant athletic facility to a retail store at 9312 S.E. Stark St.; a tattoo shop to a comedy club at 1510 S.E. Ninth Ave.; an open office space to a pickleball area at 2201 N.E. Lloyd Center (suite F); and an auto repair shop to a food court and bar at 16116 N.E. Halsey St.

Conversions in the works include a billiard hall to a coffee shop at 8435 S.E. Powell Blvd.; a chiropractic clinic to a restaurant at 7834 S.E. 13th Ave.; and an office to a coffee shop at 4826 N.E. 105th Ave.

Converting offices into residential spaces holds promise, Reid stated. But there is a growing concern about what to do with buildings that are not suitable for housing and will not recover as office spaces, he added.

“It’s worth exploring how former courthouses, grand bank buildings, and historic public structures — no longer serving their original purposes — could be repurposed into recreation centers, sports facilities, and community hubs, offering new ways for people to connect with and engage in their cities,” Reid stated.

Old courthouses with large internal courtyards could be covered with glass roofs, creating indoor atriums that house climbing walls, racquet courts, and multipurpose recreational areas, Reid stated. Other new uses could include cafes, lounges and social gathering areas.

Gensler is seeing a significant number of office-to-residential conversions happening on the East Coast, where seismic upgrades are not required.

The Oregon Casket Building and the Falcon Building are the first two office-to-residential conversions that have been issued permits and remain on track for completion, Portland Permitting & Development spokesperson Ken Ray stated in an email.

A project team plans to convert the Oregon Casket Building, at 403 N.W. Fifth Ave. in Old Town, into a 25,000-square-foot mixed-use building with 34 residential units and retail space. The exterior scope of work would be limited to replacing windows and doors and reconstructing the storefront along Fifth Avenue. Design Research Office is the project designer. Construction is expected to start in January 2026 and finish around March 2027.

The Falcon Building, at 321 N.W. Glisan St., previously held 85,500 square feet of office space. It’s set to become 59 units of middle-income housing. In January, the project team submitted a building permit request. The permit intake was approved by Portland Permitting & Development, but fees must be paid prior to review. The project’s design is by Brett Schulz, Architect PC.

Portland City Council in March 2023 passed incentives for building conversions. One exempts developers of office-to-residential building conversions from paying system development charges (SDCs). This exemption applies to conversion of an office building to residential use when a required seismic upgrade is completed as part of the process. The city will cover up to $3 million in SDCs or the cost of the seismic upgrade, whichever is lower.

A second incentive amends the seismic design requirements for office-to-residential conversions to meet the American Society of Civil Engineers (ASCE) 41-BPOE (Basic Performance Objective for Existing Buildings) standard, which is for life safety – enabling occupants of a building to exit it safely following a major earthquake. The change could ensure feasibility for some projects.

Also, a city initiative to boost housing development is under consideration in Portland. The proposed ordinance would waive SDCs until either 5,000 housing units are built or three years pass. The proposal will go before the Revenue Committee in early June and then the Portland City Council.

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Cindy Angeles grew up and went to college in Peru before moving to Portland about 20 years ago. After working in banking and other jobs, she earned her real estate license in 2016 and started her own team in 2021.

Care Real Estate Group specializes in residential properties, though it does occasionally partner with another firm on commercial property transactions. Angeles said her primary goal is to help the Latino community understand the many details of the contracts that are involved with both types of properties.

“Most of our clients are our friends and we’ve been to so many quinceañeras and parties. Those relationships are priceless,” Angeles said. “When we give them keys to their new home, that’s something that many people never imagined they could accomplish. We try to show them the importance of homeownership as a way to build wealth. It’s really nice to see families get ahead.”

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Prosper Portland‘s board of directors on Wednesday approved a low-interest $7 million loan to facilitate the sale of two buildings in Old Town Chinatown to a trio of footwear and apparel entrepreneurs.

The loan will aid the purchase of the Mason Ehrman Building and its annex. The property transaction will facilitate a much larger project: Backers envision a campus of nine to 10 buildings totaling 300,000 square feet, said Jonathan Cohen, one of the partners leading the effort.

Prosper Portland’s loan, made at a below-market 3 percent interest rate with a 15-year term, is a bet on a project with the potential to transform Old Town Chinatown into an economic hub.

“Every brand is going to want to be here, and every supplier is going to want to be here, near all the brands,” Cohen told Prosper Portland’s board.

The agency agreed to the loan despite a remaining $4.4 million funding gap for the project. Oscar Novelo, Prosper Portland’s senior business finance officer, acknowledged that the lack of full project funding brings “heightened risk” to the loan. But Novelo said the impending closure of escrow, and the project’s value, made it worthwhile.

“We do believe that the recommended conditions and the resolution term sheet will allow Prosper Portland to support the Made in Old Town initiative while also keeping the project accountable,” he said.

An agency staff report stated that eight letters of intent from prospective tenants, and the presence of an existing tenant, would provide stability for the project.

The project team is pursuing additional state funds and private funds to close the gap, backers said.

The project comes from Cohen, Elias Stahl and Matthew Claudel, who combine shoe-industry know-how with Old Town Chinatown business experience. The purchase will be made by Future Stack, a limited liability company that is wholly owned by the Old Town Perpetual Purpose Trust. The trust grew out of discussions by the Old Town Chinatown Community Association to preserve and revitalize the neighborhood’s historic buildings, the entrepreneurs said.

The group is advised by Jordan Ramis. Turner Construction will perform building renovations.

The project’s first phase is envisioned as two major spaces. At 234 N.W. Fifth Ave., the building dubbed “The Tower” will host suppliers, vendors, labs and office and makerspaces. A gallery of dozens of suppliers will offer something like an ongoing trade show, Cohen said. Meanwhile, “The Hub,” at 208 N.W. Fifth Ave., will include storage, studio space and brand suites.

Some tenants will function as long-term anchor tenants, while other emerging businesses will participate as pop-ups or kiosks.

Among the aims is to reduce production time domestically for footwear and apparel that is typically manufactured in Asia. A new shoe design can take 18 months to begin production, Cohen said.

“We’re looking to shorten that to days and weeks and months, instead of months and years,” he said.

The buildings recently were seismically retrofitted. Also, they feature large floor plates, brick walls, large windows and lengthy timber trusses.

“That already makes it a nice canvas,” Cohen said.

A third building, known as the “Engine” building, on an adjacent block, has been purchased.

The seven-story Mason Ehrman Building dates to 1908, and the two-story annex was added in 1940. The buildings are currently owned by Bayspring Real Estate Partners, a California firm that paid $14.25 million for the properties in February 2023. Bayspring considered an office-to-residential conversion before reaching agreement with Future Stack.

Board members also questioned the sale price. The property was appraised at $3.8 million, well below the $7.4 million purchase price. The appraiser’s opinion was that proposed asking rents were too high for the neighborhood, an agency document states.

Cohen said the appraisal was low, equating to only $38 per square foot.

“Pretty much no building in Portland has transacted at that value, at least in the last 50 years that I’m aware of, other than Montgomery Park, which was sold on the auction block, essentially,” he said.

Cohen noted that the Mason Ehrman Building was appraised at more than $300 per square foot as recently as 2019.

“Our aim is to reinvigorate with all of the purposes described here and get back to that valuation,” he said. “We are under contract to purchase the building for $75 a square foot, which we think is an excellent value because it’s fully seismically retrofitted … and well below the average in downtown commercial transactions.”

Prosper Portland’s board approved the loan in a unanimous vote. The Future Stack entrepreneurs said construction will begin presently, with the goal to open as soon as this summer.

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