According to a report by the Boston Business Journal, the 20 largest office buildings in Boston are facing a potential loss of $450 million in assessed value this fiscal year. This is significantly higher than last year’s declines and represents a collective decrease of 4.1%. However, this decline is still less severe than the citywide commercial values drop of 7% announced earlier by Mayor Michelle Wu.
While some of these large office towers are struggling with vacancies, others have not been impacted as severely as older and lower-rise properties. Nevertheless, major landlords have reported significant decreases in their assessments compared to last year.
For example, BXP’s 200 Clarendon Street – also known as the John Hancock Tower – has an assessed value of $860.5 million this fiscal year which marks an annual decrease of 6.3%. Over the past two years alone, its assessment has dropped by over 11%, making it one among many notable examples highlighted by The Business Journal.
