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Seattle mayor proposes legislation to help convert commercial real estate for residential uses

GeekWire

(GeekWire Photo / Kurt Schlosser) Seattle Mayor Bruce Harrell wants to make it easier for property owners to convert their commercial buildings for residential use, amid a backdrop of a shaky commercial real estate market and the threat of decreased tax revenue for cities. Read Harrell’s full office conversion proposal below.

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Zillow and Redfin earnings reports reflect slumping real estate market

GeekWire

(Redfin and Zillow Photos) Redfin and Zillow Group ‘s second-quarter earnings reports point to more pain in the real estate market as limited housing supply and climbing mortgage rates throttle transaction volume. The company’s real estate services division, its primary source of revenue, dropped more than 28% to $180.6

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Redfin CEO says housing downturn made real estate giant ‘leaner, hungrier and better’

GeekWire

But the Seattle real estate giant sees some silver linings. The company’s real estate services division, its primary source of revenue, dropped nearly 30% to $127 million. Kelman said the company’s 2023 budgeting assumption predicts 4.3 Redfin’s revenue fell 45% in the first quarter to $325.7

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Former AWS real estate managers, accused of taking millions in kickbacks, challenge Amazon’s motives amid FBI investigation

GeekWire

Eleven data center deals are now the subject of a suit by Amazon vs. two former AWS real estate managers and others. Two of the participants in the August 2017 meeting — Casey Kirschner, an AWS real estate manager, and Carl Nelson, Kirschner’s boss and mentor — were leading that physical expansion for Amazon.

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Seattle considers expanding ‘JumpStart’ tax on big businesses to plug budget deficit

GeekWire

The city this week released findings from a report detailing ideas for progressive taxes to help plug a budget gap that is expected to reach $221 million in 2025 and grow by another $207 million in 2026. The group included Smith and other leaders from various sectors including business, nonprofits, and real estate.

Budget 98
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Seattle approves new city budget that plugs shortfalls with surplus revenue from business tax

GeekWire

Now the city is using the surplus to help close major gaps in its budget. ” Seattle already faced operating deficits of $141 million for 2023 and $152 million for 2024 before the budget planning process began this fall. .” (GeekWire Photo / Kurt Schlosser). million from the General Fund, and $4.5

Budget 93
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Commercial furniture and equipment procurement platform Source snags $8.5M

GeekWire

Source CEO Nicole Schmidt says the hospitality industry has been a driver of growth amid the broader real estate market slowdown. based startup that helps architectural and design firms procure interior design products for commercial real estate projects, raised $8.5 Source Photo) Source , a Portland, Ore.-based