Commercial real estate in New York City kept 92% of its value despite economic turbulence caused by the COVID-19 pandemic, according to the mayor’s office. Mayor Eric Adams presented a preliminary budget for fiscal year 2022-2023 which estimated that the value of commercial properties in the city is around $301 billion.
Before the COVID-19 pandemic hit in March 2020, the city assessed the estimated value of commercial properties at around $326 billion, according to Crain’s New York Business. That means the latest assessment represents 92.3% of the estimate from January 2020 — weeks before the onset of the pandemic.
