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.

A graphic displaying the annual percent change in asking rent for office spaces in Seattle. (Graphic courtesy of CoStar Analytics)

“Though the amount of space available to lease has leveled off lately due to planned demolitions and conversions removing some properties from the market, the region’s vacancy rate continues to rise more quickly than that of the rest of the country,” the analysis found.

See Full Page