Can Portland actually become the metro we think it is?

[Neal Collins]

There has been a lot of chatter about low wage growth and lack of employment in Portland. For years now we haven't really seen much of an uptick in wages and while we may be gaining population, there doesn't appear to be a surplus supply of middle income jobs awaiting the newcomers. It seems like the abundant supply of white collar workers is pushing down the price of labor. So what we have is an abundant, well-educated labor pool that is motivated to work for a low-ish wage, cheap rent as compared to other west coast cities, and soon to be a large supply of apartments once all the permitted units get built and absorbed. What are we missing here? Why aren't companies flocking here? One of the theories that I have is that we don't really have the large office space needed to attract large companies such as Alaska Airlines (or another similarly sized company that isn't tech and focuses on middle class jobs). I'm talking like big square footage in desirable locations that isn't just in the Big Pink. Sure companies could build to suit out in the burbs, but that isn't where the demand is. Are we overbuilding multifamily in our EX zones instead of office? (Think One North on N Williams and then look at the rest of the development...all multifamily.) Would be interested to hear from other folks about their thoughts on the state of our market. If we want to grow up and become a functioning metro instead of Seattle's little sister, are we blindly chasing the low lying fruit that comes from the population boom and not thinking long term?