Seattle leads the nation in office rent declines as vacancies climb to record highs, according to a November CoStar analysis.
Why it matters: Seattle’s office slump is reshaping the region’s commercial real estate landscape — with long-term implications for property values, city tax revenues and the future of downtown.
State of play: Elliott Krivenko, senior market analyst at CoStar, tells Axios the steep drop in leasing demand and rent is already undermining valuations, and true recovery may still be years away…