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Value of NYC Office Buildings Drops by $29B During Pandemic

The pandemic’s impact on New York City’s office market might be worse than anyone thought.

The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according to a report from New York State Comptroller Thomas DiNapoli.

“When the pandemic hit, companies shifted office workers to remote work, rents fell and vacancies rose,” DiNapoli said in a statement. “I am optimistic for the sector’s recovery, but its short-term future remains uncertain as employers assess future use of the space. The city should closely monitor trends in the sector and consider the future impact on tax revenues.”


Photo by Reynaldo Brigantty from Pexels

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