Is Downtown Seattle still a healthy commercial real estate market? The Puget Sound Business Journal thought so back as recently as Friday, December 19.
But things can change quickly.
The next Tuesday, the 23rd, the online paper announced that JP Morgan was vacating over 700 thousand s.f. in downtown Seattle.
Curiously, the very next day, based on pre-WAMU meltdown statistics, Downtown became 'distressed', making a top ten list of worst off cities....
Perhaps it's just me, but I'm smelling a Pike/Pine Parking Garage style bailout play. Such a pity, these poor oppressed commercial real estate folks.
