NYC’s Overall Office Building Value Declines $28.6B

According to The Office Sector in New York City report released in October 2021 by the New York State Comptroller’s office, the full market value of New York City’s office buildings fell $28.6 billion on the FY 2022 final assessment roll — representing the first decline in total office property market values since at least FY 2000. Office real estate decline made up 54.9% of the reduction in overall billable values (5.2%), and more than half of the $1.7 billion decline in property taxes in FY 2022.