The Portland Business Journal broke the news today that P.F. Chang’s in the Pearl District has closed their doors. The corporate website says “We’re sorry to announce that as of October 28th our doors are closed at this location. Please visit one of our nearby restaurants”.
According to the Journal, “The retail vacancy rate for the central city area, including the Pearl District, stood at 4.59 percent at the end of the third quarter, according to NAI Norris, Beggs & Simpson. For the Brewery Blocks, the vacancy rate is 1.78 percent, with just 2,754 square feet of space available and asking rents of $30 to $35 per square foot.”
Ouch. That is a big space.
I went to P.F. Chang’s once. I forget what I had, but I remember being astonished that they had deep-fried it. Before you send me nasty emails, I feel sorry for all the employees that will lose their jobs, but I won’t bemoan the closure.