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eattle's waterfront has undergone a significant transformation since the closure of the Alaskan Way Viaduct, which once dominated the area with its elevated highway. The city has opened the Overlook Walk, connecting pedestrians to Pike Place Market and marking the beginning of the 20-acre Waterfront Park project. However, despite this revitalization effort, the waterfront's office space remains largely vacant, with almost half of it available for rent.

    The high availability rate is attributed to the departure of major tenants such as Big Fish Games and Zulily, which left behind large chunks of empty space. Avalara, a tax compliance software company, has recently leased offices in the Hawk Tower, but the Maritime Building still has over 153,000 square feet available for sublease.

    Commercial real estate brokers are optimistic about the area's potential, citing the "flight to quality" trend where tenants seek out amenities like gyms and retail. However, this trend works against the waterfront, which is composed mostly of Class B space with limited amenities. The lack of new office development in the area also contributes to its struggles.

    Despite these challenges, the waterfront has a unique opportunity to attract tourists, who have been driving activity in the area since the pandemic. With the connection to Pike Place Market and the new Seattle Aquarium Ocean Pavilion, the waterfront is poised to become a prime destination for visitors. However, this seasonal traffic may not be enough to support retail, which currently faces its highest vacancy rate on the waterfront since 2017.

    Brokers believe that the area will eventually attract more tenants as it becomes more active with retail and events. The city's efforts to revitalize the waterfront are expected to pay off in the long term, but for now, the office space remains largely vacant.