The Brief
- Seattle now has the nation’s highest downtown office vacancy rate, with business leaders warning empty buildings are hurting the city’s economy.
- The Downtown Seattle Association says declining commercial property values are shifting more of the property tax burden onto homeowners and renters.
- Business leaders oppose new city taxes to close Seattle’s budget gap, arguing job growth and downtown recovery should be the priority.
SEATTLE – Seattle now leads the nation for the highest office vacancy rate in the downtown area. It marks the highest of any major U.S. city, following the loss of tens of thousands of jobs since 2020.
A business and economic report released by the Downtown Seattle Association blamed Seattle’s payroll tax or “Jumpstart” tax for shedding 30,000 jobs in the last several years, in part causing the high office vacancy rate of 36.5% according to Cushman & Wakefield.
The backstory:…