Developer Martin Selig defaults on $240M debt as Seattle office woes mount (www.seattletimes.com)

submitted 1 week ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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In downtown Seattle, total office vacancy is now around 35%, according to commercial real estate firm CBRE, and rents are softening. That’s even worse than during the Great Recession, when downtown Seattle office vacancy reached around 21%.

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[-] ZombiFrancis@sh.itjust.works 2 points 1 week ago

even worse than during the Great Recession,

The difference is all the working is being done without the need for those offices.

[-] pelespirit@sh.itjust.works 3 points 1 week ago

The difference is all the working is being done without the need for those offices.

That's been always the case though, they were forced to reckon with it.

this post was submitted on 03 Dec 2024

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