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The Big Apple’s office building sector suffered its first decline in property values in more than two decades as the COVID-19 pandemic caused more people to work remotely, helped shut down businesses and left thousands of workers jobless, a new report found.
The market value of the city’s office building inventory plummeted 16.6 percent over the past year – its first such decline since at least 2000, according to a report released Thursday by state Comptroller Thomas DiNapoli.
The 15-page report says the pandemic wiped out years of growth in the office sector, gutting $28.6 billion in market value from the city’s more than 463 million square feet of office inventory, and costing $850 million-plus in property taxes in the city’s fiscal 2022 budget.
While large chunks of the office space remain vacant, there’s been some discussion in the industry about converting it into residential housing with the city facing an affordable housing shortage. the report says.
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