‘People who make money are being driven out’: Jake and Spike sound off on Seattle’s nation-leading office vacancy rate

Seattle has the highest office vacancy rate in the country at 37%, according to The Seattle Times. Meanwhile, larger cities like New York sit at 22% and Los Angeles at 32%.

KIRO hosts Jake Skorheim and Spike O’Neill agreed that wealthy residents are leaving Seattle.

“People who make money are being driven out of town,” Jake said on “The Jake and Spike Show” on KIRO Newsradio.

Jake mentioned the use of trickle-down economics and that when companies don’t invest in Seattle, jobs dry up.

“It’s hurting the city,” Jake said.

“It is. But — and these are nuanced conversations to have — it’s also fair to say that part of the reason these occupancies aren’t needed is because companies are investing in AI,” Spike responded.

Spike pointed out there was an overcorrection during the pandemic, and companies hired too many people.

“There’s a natural swing of the pendulum back from that, from a correction to an overinvestment and overexpansion,” he said.

Jake said nearby cities should look at Seattle as a cautionary tale and avoid making the same mistakes.

“Don’t lean into the crazy tax stuff that’s going to scare people away in Seattle,” he said. “You also are not going to have to fight, because Seattle does bear a lot of the burden of a lot of the homeless problem.”

Spike said the city’s approach hasn’t changed despite clear evidence it isn’t working.

“It’s the whole thing,” he said. “Keep doing the same thing and expecting a different result is the definition of insanity. Why do we not see the writing on the wall with so many glaring examples of how it could be done better and not do that?”

Watch the full discussion in the video above.

Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3