Hasnain says:

Wonder how cities will adapt to the new normal. I for one would love more walkable areas and housing / transit downtown.

“Asking rents for office space will “end the year below pre-pandemic levels” and probably hit their lowest in a decade, according to the city’s latest forecasts. Asking rents in Manhattan offices averaged $75.13 per square foot in April 2023, down 50 cents from a year prior, according to Colliers.

It’s a worry for city officials, who for the last decade have relied on an ever-expanding commercial real estate sector for taxes to pay for schools, cops and trash collection. Commercial property taxes contribute about 20% of the city’s total tax revenues — with office buildings, specifically, contributing 10%. And as those revenues are flattening, the city’s expenses are forecast to keep growing, creating challenges for Mayor Eric Adams’s agenda.”

Posted on 2023-05-18T15:23:03+0000