Seattle office values plunge even as crowds return
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Downtown Seattle. Photo: Mitchell Layton/Getty Image
Downtown Seattle is drawing more residents, local visitors and event crowds, but its office economy is still struggling, according to a report released last week.
By the numbers: The 10 highest-value downtown office properties have seen assessed values drop by more than 50% since 2021, according to the Downtown Seattle Association's annual economic report.
- Office vacancy remains high at 25%, exceeding 32% in the central business district.
- Downtown lost about 13,000 jobs in 2025, the largest annual decline since the early pandemic.
- Average weekday worker foot traffic reached about 145,000 in 2025, up nearly 4% from the previous year, but still only 64% of 2019 levels.
State of play: Crime and public safety metrics showed a mixed bag, per the report from the business advocacy association.
- There were 27% fewer fentanyl-related overdose deaths last year compared with 2024.
- Violent crime in the downtown core fell 14% year over year in 2025 and 33% from the 2021 peak.
- However, Belltown saw violent crime rise 24%, and incidents in the Chinatown–International District remained elevated.
Yes, but: The residential population remains a bright spot with nearly 110,000 people — or about one in seven Seattle residents — now living downtown, an 80% increase since 2010.
- More than 15 million people came downtown in 2025, with overall visits increasing by roughly 3 million year over year, surpassing pre-pandemic levels for the second straight year.
- Locals are also visiting more often: about 1.28 million people who live within 10 miles came downtown last year.
Zoom in: Large events and new attractions helped drive foot traffic increases near the stadiums, which rose more than 7%, and at the waterfront, which increased 11%.
What they're saying: "Downtown Seattle has experienced a healthy amount of momentum over the past year," DSA president and CEO Jon Scholes said in a statement.
- "More people are living here, visiting more often and returning for arts, sports and major events. But we can't ignore the real challenges we face."
What's next: Seattle leaders see 2026 as a pivotal year, with FIFA World Cup matches expected to bring hundreds of thousands of visitors and new light rail connections expanding access to downtown.