2 MAY 2023 · KXL recently asked Richard Stockton to come on the air 🎙 in Portland, OR to discuss the record-high vacancy rate in office space nationwide and its impact on the economy, including in Portland. Richard, a commercial real estate expert, shared his insight on the topic with the Portland's Afternoon News show host, Tim. According to Richard Stockton, the data from Costar is reliable, and the high vacancy rate in office spaces is concerning not only for the leasing and tenant demand industry but for other industries such as hotels, restaurants, and shops as well. However, Richard said that it's not as dire an outlook as many may think. It is just another phase of a perpetually evolving asset class in real estate. The empty office spaces may be converted into mixed-use buildings housing apartments, hotels, grocers, and restaurants needed to sustain downtown residents. This conversion leads to more city dwellers and a 24-hour thriving nightlife. Richard's insightful analysis suggests that these developments are far from a crumbling core of our cities. Rather, they are vital for the growth of urban centers across the country.