Amazon's breathtaking growth — it has moved into about 2.7 million square feet in South Lake Union and the Denny Triangle since spring 2010 — has spearheaded the downtown office market's recovery from record-high vacancy rates brought on by the recession and Washington Mutual's demise.
Richard Briscoe, a senior vice president at brokerage Kidder Mathews, calculates Amazon is responsible for about half the additional office space occupied citywide over the past three years.
The company's contrarian decision to locate downtown could spur more tech and Internet companies to move in from the suburbs, Downtown Seattle Association President Kate Joncas says.
Amazon's influence also extends beyond the office sector. Owners and developers of apartment buildings, condo towers, hotels and retail space are cashing in on the company's growth as well.Not mentioned is that Bezos chose to start Amazon in Seattle because of the favorable tax laws in Washington state (no state income tax!).