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Posted on 03/26/2026 12:37:33 PM PDT by CFW
All those empty office buildings in downtown Seattle are dragging down property values, according to newly-released King County Assessor data.
According to the King County Assessor’s Office, the city’s most valuable skyscrapers have lost $3.7 billion in value since 2022. Approximately a third of downtown commercial space remains vacant.
Among the biggest decreases in value are the Amazon Doppler Tower and Meeting Center (62% drop), Amazon’s Day One Tower and Spheres (59% drop), the DocuSign Tower on 999 Third Street (56% drop), Amazon’s Re-Invent Towers (55% drop), and the US Bank Centre (53% drop).
The three Amazon office buildings listed above have lost more than $1 billion in value over the last three years. Amazon has parted with more than 1 million square feet of office space within Seattle since 2020.
The Downtown Seattle Association told The Puget Sound Business Journal that this will mean changes to how the city collects taxes, including a greater burden on renters, homeowners, and small businesses to fill the gap left by less reliable property tax revenue.
Seattle’s property tax revenue fell more than $2.8 million short of projections last year.
(Excerpt) Read more at kiro7.com ...
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I assume Seattle residents will be happy to pay more in residential property taxes as long as those evil big businesses are gone.
There is a story about this that I recall. Something about killing the goose that laid the golden eggs.
Covid lockdowns killed commercial real estate.
WFH killed commercial real estate which was made possible by covid.
Correct but it started before that.
Yeah, because of the liberal mayor and council causing that but they blame others for their ineptitude.
The new mayor, who is the left of Mondami, wants to tax building owners for vacancies.
Vote Blue, you too can participate in the destruction of the USA🤬
"...a greater burden on renters, homeowners, and small businesses to fill the gap left by less reliable property tax revenue."Small businesses go belly-up when the big guys depart. Jobs are gone and renters and homeowners will seek greener pastures elsewhere.
They have ZERO ability to soak renters, homeowners, and small businesses to make up for the lost big business tax base. Any tax hikes will accelerate the exodus to Idaho!
Just yesterday, the Lake Stevens mayor said "We're outta here! Bye!"
Lake Stevens Mayor Brett Gailey announces resignationMy guess is Gailey and his wife don't want the risk of WA CPS stealing their kids if they refuse to use the pronouns their young kids want. They don't want their kids brains polluted with the woke WA garbage.At the end of the Tuesday Lake Stevens Council meeting, Mayor Brett Gailey announced his resignation, effective April 13. It was a family decision, he said. They will be moving back to Idaho. “My wife and I, over the last year, have spent many nights talking — lots of deliberation and prayers,” Gailey said. “We are going to relocate out of the state.” It was not a light decision, he said, fighting back tears. “It has been such a privilege for me to be the mayor and to help build this community that I absolutely love and the citizens of this community,” Gailey said. “Our current family circumstances just dictate a need for change, and so we are going to make that bold decision.” The City Council President Anji Jorstad will be mayor pro tem starting April 13. Afterward, city staff will call for members of the public to apply for the open mayoral seat, Jorstad said in an interview Wednesday.
The big one taking the hit is Amazon. They own a majority of the buildings being hammered and they have also purchased a tremendous amount of warehouse space over the last year so their costs to operate the buildings and warehouse space will not be offset by their intake from the services they provide. Bad thing is they chose to come into an area in force and it died on them. They are not government controlled so if the liberal government tries to protect them like they did boeing or microsoft the new taxes will raise the ire of the locals as we are the third highest gas taxed state in the US already.
And most of that is being used for constructing, maintaining, and repairing state roads, bridges, and ferries, along with Washington State Patrol highway policing and servicing transportation bonds. But to show you the stupidity of that the construction crews have been working on the 2.5 miles of Renton curves since 2015 in new construction and has been under repair since 1990 every working day.
wy69
Not to worry Seattle. You elected a mayor who just moved out of her parents basement, has no experience in running anything, and believes home ownership is a White conspiracy. Solutions are just around the corner...
Bezos is long gone as CEO, but is still the biggest shareholder, so when he talks Amazon listens. He can’t be happy at all, just a matter of what he wants to do.
I worked in South Seattle and went to university
in Northern Seattle.
I was smart enough to live 30+ miles east of
Seattle.
Like most Democrat dominated states, counties,
and cities Democrats do not know how to reduce costs!
The thought never crosses their
mind that their freebies for their voter
base could/must be cut.
Consequently their productive worker tax paying
base migrate to more tax free areas.
Nobody that can get out of bed and walk a short distance
will starve, be denied healthcare, or die of thirst
in America today. Their needs may not be met the
way they want but they aren’t going to die.
You may get Nutraloaf, but you won’t be hungry.
Nothing is wrong with Tap water. and if you aren’t dying
you may have to wait a Long bit to see a doctor.
Seattle Democrats give their base voters instant
gratification, and won’t cut costs that reduce
that rather generous gift. Taxpayer’s see this
generosity with their money to non taxpayers
and so they leave.
“Lake Stevens Mayor, Brett Gailey” Out of here.
I don’t know if the mayors of smaller cities run as a Rat or Republican. Maybe that isn’t declared on the ballet, but Gailey is ex Military and LEO, so that’s a hint.
this will mean changes to how the city collects taxes, including a greater burden on renters, homeowners, and small businesses to fill the gap left by less reliable property tax revenue.
They’re feeling the warm embrace of collectivism.
Like lots of people, I worked in downtown Seattle in the 80s and 90s. But things change. More and more businesses now have many of their employees working from home. They do everything they can to avoid huge office rent bills. Seattle is over-built and the workers are not coming back. And the never-finished light rail system is spending billions on trains that commuters will never ride. The liberal hell-hole of Seattle is going to suffer, and it will be fun to watch.
“Bad thing is they chose to come into an area in force and it died on them.”
From what I’ve read it appears that the area died as a result of homicide by leftists.
the DocuSign Tower
A whole Tower based up signing things? That’s like having an empire based on putting your feet up.
Homely, leftist and dumb is no way to go through life. Bet she is gonna get back at those middle school bullies.
Meryl Streep’s fugly, retarded sister
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