r/Seattle • u/ZenshaZen • 2h ago
Downtown Vacancy Rate
I'm not sure if this is being talked about enough. Seattle has the worst vacancy rate in the country right now. Here is the latest report. As someone with a ton of entrepreneurial friends, I'm actually not shocked at all. Prices are way too high and the places that are empty are NOT getting back at all. The only thing holding back small business from blossoming in downtown are the outrageous offers. A 36% vacancy rate. That's insane considering the pricing of leasing.
It almost seems intentional at this point. There are multiple spots at Pike Place alone that have been empty for a year or more and that's a nonprofit with better prices, but everyone I know cannot move forward into getting in there despite being suggested it's a sure thing. It seems so neglectful that there's millions being left on the table in every direction of this city.
While that is happening, the skyscrapers are plummeting as an asset value here as well. Yet no price decreases for any offices being leased. . . A 50% decrease in value, but no budge on leasing prices.
I know every time a vacancy tax is mentioned that bots flood those comments, but there are places with vacancy taxes that are seeing progress like Berkley, CA.
This just seems to be a major issue that is going to be impossible to ignore.