Office values are expected to fall roughly 30% by 2029, leading the city to lose a total of roughly $1.5B in revenues in the next five years, according to a new report from Tufts University’s Center for State Policy Analysis. Commercial properties are expected to see an overall 18% decrease in valuation.
If there are no significant improvements to office vacancy, the city’s tax collections will reach a “new normal” with annual collections expected to be $500M below the current level in 2029 and the years to follow, the report says.
Source: Boston Projected To Face $1B Tax Shortfall From Struggling Office Market
