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

submitted 1 day ago by pelespirit to c/politics

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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 2 points 10 hours ago (1 children)

even worse than during the Great Recession,

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

[–] pelespirit 3 points 9 hours 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.