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Boston’s Largest Office Towers Losing $450M in Assessed Value
Boston’s 20 largest office buildings could lose a collective $450 million in assessed value this fiscal year, reported the Boston Business Journal. Most of the office towers are seeing bigger declines this year than they did last year. The combined assessed value of the 20 buildings is poised to drop by 4.1%, more than triple the fall-off in fiscal 2024.
That decline, however, is not as significant as the citywide 7% decrease in commercial values that Mayor Michelle Wu revealed earlier this month, based on preliminary figures. While some of Boston’s biggest towers are struggling, many are not grappling with vacancies to the same degree as older, lower-rise properties.
However, the Business Journal reported that some major landlords are seeing year-over-year decreases of that magnitude. BXP’s 200 Clarendon, Boston’s biggest office tower, now has an assessed value of $860.5 million, down 6.3% annually. Its assessment has fallen by 11.3% in the past two years.
Pictured: 200 Clarendon St.
- ◦Financing
- ◦Policy/Gov't
