There’s something unusual happening to property values in Seattle right now. As housing prices continue to climb, the value of commercial property is taking a big plunge. The County Assessor warns office buildings will be worth 30-40% less next year.

This is a historic shift. And it will have impacts on the cost of living for all of us.

That might not sit well with people who are already feeling the effects of inflation and high prices. Joshua looks at the downstream effects of plunging commercial real estate values, and what might happen at the ballot box this fall, as a result. 

Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/booming.

Booming is a production of KUOW in Seattle, a proud member of the NPR Network. Our editor is Carol Smith. Our producer is Whitney Henry-Lester and Lucy Soucek. Our hosts are Joshua McNichols and Lucy Soucek, filling in for Monica Nickelsburg.

Support the show: https://kuow.org/donate

See omnystudio.com/listener for privacy information.