Value of downtown office towers rebound after years of decline yyc yycbiz Column by ChrisVarcoe:
Advertisement 4That makes the recovery in downtown even more noteworthy, as newer Class A and AA buildings went up, reflecting lower vacancy rates in these towers and higher rents and sale prices.
Under the city’s revenue-neutral assessment system, which must be conducted annually, the tax burden shifted heavily to other commercial property owners in recent years, such as businesses operating along popular commercial strips and in suburban areas. Lee noted older Class B and C office buildings continue to see their values under pressure due to limited demand, while suburban office space is also struggling with rising vacancy.
“As we’re redefining what our downtown looks like, the value of those buildings will start to recover because there’s greater occupancy,” Mayor Jyoti Gondek said in an interview this week.This advertisement has not loaded yet, but your article continues below.At the end of the fourth quarter, the total downtown vacancy rate stood at 32.
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