This story was originally posted on MyNorthwest.com
Seattle’s downtown office market is facing one of the steepest declines in the nation.
According to a new CoStar analysis, Seattle leads the country in falling office rents, with vacancies hitting record highs. Experts warn the slump could reshape Seattle’s commercial real estate, cutting into property values and city tax revenues while raising questions about the future of downtown.
“Though the amount of space available to lease has leveled off latelydue to planned demolitions and conversions removing someproperties from the market, the region’s vacancy rate continues torise more quickly than that of the rest of the country,” the analysis found. “Seattle’s officevacancy rate stands at 17.3% and is projected to peak at 18.3% in 2026.”…