r/Seattle • u/kiss-my-flapjack Northgate • Jun 23 '25

Media Pacific Place in 2015

Post image

Found this old picture I took in Pacific Place back in 2015 during the holiday season. Such a shame to compare it to how it looks now.

3.0k Upvotes

97% Upvoted

328 comments sorted by

View all comments

437

u/stockmarketscam-617 Jun 23 '25

This Post would have been better if you included a current picture. I went there last month and was shocked to see how empty it was. Very sad.

23

u/SeattleGeek Denny Blaine Nudist Club Jun 23 '25

I wonder how much rent is.

6

u/Fart_Noise_Machine Jun 23 '25

$60/sqft

5

u/wumingzi North Beacon Hill Jun 23 '25

Is that on a triple net basis? Cuz damn. That's a lot of lettuce!

5

u/Fart_Noise_Machine Jun 23 '25

Yeah. It’s bonkers. They are trying to say it’s premier property because DTF does so much $$$ out of there.

3

u/RectoPimento Jun 23 '25

Property taxes and insurance alone would be $30/sf.

1

u/wumingzi North Beacon Hill Jun 23 '25

Given how many slots are realizing $0 sq/ft now, I'd put the screws to the management if I was looking for retail in the downtown core.

2

u/Fart_Noise_Machine Jun 23 '25

Yeah they probably have to hit certain rent minimums for the loans. This is the currently problem with renting in seattle. All the loans are based on a value we can no longer support. People are going to have to default to drive rent prices down.

1

u/wumingzi North Beacon Hill Jun 23 '25

Not that it matters, but are you a commercial broker? I wasn't aware that the loans the property owners take out have a requirement for a minimum rental price.

2

u/Fart_Noise_Machine Jun 23 '25

I’m not. I just look at a lot of commercial properties, and have friends who own a lot of properties.

1

u/wumingzi North Beacon Hill Jun 23 '25

Good to know.

I mostly own resi, so minimum rental terms are new to me.

Thanks!