4. Stakeholder Summary Takeaways

ECONorthwest organized a roundtable meeting at the beginning of 2023 with stakeholders from Pioneer Square. The purpose of the meeting was to gather feedback on commercial trends that stakeholders have observed and experienced first-hand; as well as, to identify opportunities in the real estate environment that can support the activation of the area, promoting economic development.

The following section summarizes common these discussed by multiple stakeholders:

The volatility of the office market has created challenges for property owners and managers:

§ Stakeholders have expressed that tenants still don’t know what their future footprint might be when office workers do return because some office-related businesses have implemented hybrid work schedules and others fully required employees back to the office.

§ Stakeholders have started to notice that office tenants are wanting smaller office footprints than what they had prior to the pandemic.

Some office space is still in demand, but only for select office class types:

§ Tenants downsizing office space are also wanting new and better office space such as that offered in Class A office buildings. Class A office buildings generally are newer, centrally located downtown, and offer amenities not found in Class B or C office buildings such as underground parking within the office building.

§ Stakeholders are also generally seeing that tenants are likely to move towards higher amenity Class A space while spending the same amount on rent as previous leases.

§ Class C office space is still in demand in Pioneer Square mostly due to the large presence of various small businesses, creative office users, and non-profit organizations in the area which are more costconscious and look for affordable office space close to amenities like transit and food services.

Public safety on the street is paramount to address:

§ Stakeholders have expressed that several population groups, including employees and visitors, feel unsafe traveling through Pioneer Square due to constant illicit activity and crime in the area.

§ Stakeholders identified safety priority for transit bus stops and light rail stations.

Conversion of office to multifamily can prove to be highly beneficial to Pioneer Square:

§ Stakeholders expressed that conversion of office to residential could be ideal for Class B and C office space which is the office type identified by stakeholders to experience increasing high vacancies in the coming years.

§ Office conversion to residential would add much needed residential units to Pioneer Square which can support local businesses and services in dire need of additional foot traffic.

Activation Opportunities

§ Extend public space and park programming and activation activities to other parts of Pioneer Square to draw visitors in but also enhance safety perceptions.