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Seattle most valuable office buildings, skyscrapers lose $3.7B in value as vacancies surge

Mar 25, 2026, 7:02 AM | Updated: 2:53 pm

office buildings seattle downtown...

A view of Seattle's downtown office buildings and skyscrapers. (Photo courtesy of KIRO 7)

(Photo courtesy of KIRO 7)

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.

According to a CoStar analysis last December, 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.

“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. “Seattle’s office vacancy rate stands at 17.3% and is projected to peak at 18.3% in 2026.”

The vacancy rate in Seattle is 26.6%, well above the national average of 18.5% and higher than regional peers such as Los Angeles (14.4%), Phoenix (17.8%), and Denver (approximately 23%). Downtown Seattle is even grimmer, with vacancy rates in some reports nearing or exceeding 35%, and certain submarkets like Pioneer Square topping 50%.

An exodus of companies from Seattle has been underway for a long time. The Walt Disney Company decided to downsize its office space in Seattle last year, while Nordstrom Rack is relocating from Westlake Center. Ross, Nike, Saks, and The North Face have all exited downtown Seattle.

Contributing: KIRO Newsradio

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