Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Downtown is Home to Highest-Taxed Office Properties Outside NYC
While New York City contains the nation’s highest-taxed office properties, once you leave Manhattan’s glass canyons you’ll find the rankings dominated by Chicago. Yardi’s CommercialCafe found that downtown Chicago contains all of the five most heavily-taxed office towers outside New York, while the surrounding metro area is home to three of the five most-taxed industrial properties.
Willis Tower’s $31.7-million annual bill is less than half that of the nation’s most-taxed office property, the General Motors Building in Midtown Manhattan. Yet it’s also more than double the tax bill of the highest-taxed office property outside either New York or Chicago, Constitution Center in Washington, DC.
Although both the GM Building and the Willis Tower (pictured) had the same rankings in CommercialCafe’s 2017 survey, Chicago’s One Prudential Plaza office tower shot up 23 positions to #77, following an 18% tax increase. It’s now 17th in CommercialCafe’s top 30 outside New York.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
