In yet another display that government spending is recession proof, the Portland Development Commission currently pays $24 per square foot per year (plus utilities and maintenance) on its headquarter's office space. That's on the high side considering asking rents for Class A offices are about $25 per square foot with utilities and maintenance included. Class B/C space, which is more in line with PDC's offices, is more like $19 per square foot.
According to the Oregonian, PDC is in its current space because one of Mayor Vera Katz's ideas backfired. She pushed a creative services center for the space in the late 1990s. But the idea never caught on. PDC, tasked with recruiting tenants, never filled more than half of the seven-story building. So Katz moved PDC to fill the building.
PDC's expensive lease is coming up in August 2011. Now, the PDC is formally seeking "requests for information" for potential space. Replies due by March 22.
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