Donovan Rypkema revisits Seattle's Pioneer Square on May 2, 2014 and gives us a perspective on the state of the neighborhood.

1. Donovan Rypkema
PlaceEconomics
Washington, DC
May 2, 2014

2. No more whining

3. Competent, well regarded organization

4. Written set of specific goals and tasks

5. Acknowledgement of problems but no
longer sense that “all is lost”

7. Expansion of BIA

8. North Lot
Development

9. Restaurant Heaven

10. Trolley Line

11. Major engagement,
re-engagement of
citizens

12. Pioneer Square Today

14. Good News on the Office Real Estate Front
April 2013 Survey 5 year average
Vacancy Rate 9.4% 13.9%
Vacant Square Feet 610,698 893,892
12 Month Absorption (s.f.) 136,214 45,162
Gross Rent/s.f. $27.01 $25.21
Sales Price/s.f. $349 $274
Sales Volume (million)
Past Year
$426 $188

16. 0 20 40 60 80 100 120 140 160
Law/Consulting
Restaurant/Café/Bar
Retail
R&D/Programming/Software/Tech
Art
Non-Profit/Advocacy
Engineering/Architecture/Design
Services
Advertising/PR/Marketing
Auto related/Parking
Real Estate Related
Insurance/Financial Services
Businesses in Pioneer Square

17. • Research and Development in Biotechnology
• Software Publishers
• Internet Publishing and Broadcasting and Web Search Portals
• Advertising Agencies
• Professional and Management Development Training
• Industrial Design Services
• Graphic Design Services
• Mortgage and Nonmortgage Loan Brokers
• Employment Placement Agencies

21. $0
$20,000
$40,000
$60,000
$80,000
$100,000
Capitol Hill First Hill Uptown South Lake
Union /
Denny
Triangle
Belltown Pioneer
Square /
International
District
CBD
Average Household Income

22. $0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Median Household Income

23. 0%
10%
20%
30%
40%
50%
60%
70%
80%
Capitol Hill First Hill Uptown South Lake
Union /
Denny
Triangle
Belltown Pioneer
Square /
International
District
CBD
Associates Degree or Higher
For Pioneer Square/ID to reach the Average number of people with
degrees of the next lowest educational attainment neighborhood
(First Hill) you would have to add 1916 people ALL with associate
degrees or higher.

24. 0%
10%
20%
30%
40%
50%
60%
70%
80%
Change in median HH income
2000 - 2013

25. 20
25
30
35
40
45
50
Capitol Hill First Hill Uptown South Lake
Union /
Denny
Triangle
Belltown Pioneer
Square /
International
District
CBD
Median Age

28. Intentional ignoring of
criminal activity
Discouragement of
reporting crime
“Nothing we can do”
response
Policing Problem

32. * as long as you keep them down in Pioneer Square

33. ESPECIALLY the poor, the addicted, the
mentally ill, the homeless.

35. Share the Square should mean
that the rest of the
neighborhoods in Seattle
should share the social
responsibility of housing the
~2500 poor and homeless and
addicted and mentally ill now
warehoused in Pioneer
Square.

36. Pioneer Square:
Dumping Ground for Busses

37. • “It’s fixed now”
• Success based on person, not organization
• Sudden “crash” as restaurant hot spot
• No resolution on
public safety/civility issues
• Not paying attention to
the little details

40. Residential Office Difference
Food at home $3,750 $625 $3,125
Food away from home $2,437 $1,044 $1,393
Alcoholic beverages $482 $542 -$60
Household operations & supplies $2,021 $171 $1,850
Household furnishings & equipment $1,462 $627 $835
Apparel $1,467 $588 $879
Health care $897 $508 $389
Entertainment $2,379 $900 $1,479
Personal services & other $1,899 $763 $1,136
TOTAL $16,794 $5,768 $11,026

41. The Frye
• 141,500 s.f.
• 234 apartments
• $10,650,000
Appraised Value
• Rents $585-$945
• Taxes $1,987.07
(actual)
• Taxes $110,050

43. This should be the
landmark entry
building to Pioneer
Square

44. “Property rights” does not give the right to diminish the
value of adjacent properties by extended periods of
vacancy, lack of maintenance, and building deterioration

46. Thank
you very
much
© Donovan D. Rypkema, 2014
PlaceEconomics
PO Box 7529
Washington, DC 20044
202-588-6258
DRypkema@PlaceEconomics.com
www.PlaceEconomics.com