U.S. Bank has announced it will vacate its lease at the U.S. Bancorp Tower, commonly referred to as 'Big Pink,' after over 40 years, marking a significant shift in Portland's commercial landscape. The decision, which does not involve job cuts, will see several hundred employees relocated to a U.S. Bank facility in Gresham while maintaining four branches in or near downtown. Despite this departure, Portland city leaders, including Mayor Ted Wheeler's office, remain optimistic about the downtown area's economic recovery, citing a 16% increase in business openings in 2023 and a focus on improving safety and foot traffic. The vacancy of the iconic building reflects broader challenges in Portland's commercial real estate market, which has struggled with high office vacancy rates post-pandemic. U.S. Bank emphasized its commitment to the Portland area, acknowledging its historical ties while adjusting its operational footprint. The exit of such a key tenant raises concerns for landlords like Unico Properties, who have faced difficulties retaining tenants in the evolving office culture.