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

GeekWire

Amazon Web Services had embarked on a data center building boom to handle soaring demand as attendees gathered for its 2019 re:Invent conference in Las Vegas. Eleven data center deals are now the subject of a suit by Amazon vs. two former AWS real estate managers and others. GeekWire Photo / Todd Bishop).

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Seattle office market continues to struggle as vacancy rates rise for ninth consecutive quarter

GeekWire

Companies are reducing real estate footprints with the adoption of hybrid work policies. It’s a stark contrast from the decade prior, when tech companies gobbled up real estate across Seattle to house their rapidly growing workforces. Before the pandemic, vacancy rates in the Seattle region were around 6%.

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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

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10 reasons to keep that data center running

CIO Business Intelligence

There are many practical reasons driving this movement away from the data center as a hallmark of information technology. But for all the undeniable reasons driving the transition to the cloud, there are a few arguments that don’t fit the narrative, a few rationales for bucking the trend and keeping your own data center running.

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Former Zillow execs expand mortgage startup Tomo into home search

GeekWire

Tomo’s real estate app uses OpenAI to power text search capabilities. Tomo Image) Tomo’s real estate app uses OpenAI to power text search capabilities. Tomo Image) Tomo’s real estate app uses OpenAI to power text search capabilities. There’s an email form right under the data.