The damage to many of its turn-of-the-century wood and brick buildings was minor--mere cosmetic inconveniences--but a number will have to be demolished. Despite the quake, local experts say from a commercial real estate standpoint, Pioneer Square is still going strong.
Tim O'Keefe, a broker with the Seattle office of Colliers International, and himself an owner of several office buildings in the area, says that for the most part, tenants have not been frightened away by the neighborhood's recent shaking. In fact, says O'Keefe, "I've had people calling me asking, 'Can you find out about the damaged buildings because I'd like to buy them.'"
Only one of O'Keefe's buildings here has a vacancy at the moment, and it's not because its walls are falling in. The 67,000-sf six-story Westland at 100 South King has 16,000 sf on two floors made available by none other than a troubled Internet company.
Morris Groberman, also a realtor with Collier's Seattle office, has sold several buildings in Pioneer Square over the last decade. As far as the continuing appeal of its office properties, Groberman cites the ferry to the bedroom community of Bainbridge Island that is within walking distance, as well as Safeco Field and the Seahawk's football stadium now under construction. "There's plenty of street parking, rents are less expensive than the rest of downtown... even in a tough market, vacancy rates here are usually lower than other areas," says Groberman. "The area is always going to have tenants."
In fact, Groberman has just listed for sale a Pioneer Square office building currently owned by a local syndicate. The 26,000-sf seven-story building, located in the heart of the square, was built in 1980 and was fully retrofitted in the 80s. With an asking price of $4.4 million, Groberman believes he will have no difficulty finding a buyer for the property--despite the physical and emotional shaking the neighborhood has endured of late.
One piece of history likely to vanish from the colorful Pioneer Square is the 111-year old Cadillac Hotel, which was home to the Fenix Underground café. Images of its crumbled brick façade were splashed across newspapers and television sets around the country. Though it's probable demolition has residents up in arms, two structural engineering firms have separately recommended tearing it down. Pinnacle Realty Management Co., which manages the building for owner, Goodman Financial Services, says the damage may present too much risk to construction workers attempting repairs.
Four of the area's many art galleries are also closed. The Harris Gallery at 309A Third Ave. S. is hopeful its damage to its red-tagged building can be repaired for an April re-opening. The other three, Oculus Gallery, Fotocircle and Artspace, also on Third Avenue, could be without a home for as long as six months while repairs are attempted.
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