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Historic Pioneer Square Remains Marketable

SEATTLE, WA-Despite the physical damage caused by the earthquake and the emotional damage caused by the riots, commercial real estate in one of Seattle's oldest neighborhoods is still going strong.

By Janet Parker | Updated on March 30, 2001

SEATTLE, WA-When the dust settled after the Feb. 28 earthquake here, nearly three-quarters of all buildings damaged throughout the state were located in Downtown Seattle’s Pioneer Square and the SODO district immediately south of it. It wasn’t the great fire of 1889, but it was a rough capper to the Mardi Gras-sparked violence that plagued the Square’s pub-lined main street during the nights leading up to the quake.

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.’”

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