[adam_arthur]

Drop in rents is drop in demand, plain and simple.

Fewer businesses want to invest and move into Seattle at the price it used to cost.

It's true that if occupancy is poor, then a recovery in occupancy will bring more activity.

It's bullish in the same way that cheaper housing due to increased crime and decline in quality of life draws in new residents.

Again, office is doing poorly nationally, but it does seem particularly worse in Seattle than other hubs.

If I'm not mistaken, Seattle has the worst office vacancy in the country by a decent margin, aka the most demand destruction.

[Schiendelman]

If you look back at my original comment, you'll note I mentioned that sublets at appropriate pricing are filling quickly. Occupancy isn't appropriate for current demand. Occupancy is depressed by owners avoiding recollateralization.

[adam_arthur]

You seem to be missing that if prices are lower, demand is lower. Price is a function of demand.

If rents go from 10000/month at 100% occupancy to 5000/month at 100% occupancy, demand has been materially reduced.

That occupancy will recover does not support your point in the way you seem to think it does.

It's a natural market function that a drop in demand will lead to a drop in prices, and eventually, a commensurate increase in consumption (at lower prices)

This happens everywhere, and out of everywhere Seattle is doing the worst.