Some of Philadelphia’s landmark office skyscrapers have declined in value, resulting in lower property taxes for their owners next year. “It’s not a secret that commercial property values across the board, not just in Philadelphia, are seeing reductions, and that’s largely due to less folks in the office right now, people working remotely,” said James Vandermark, partner at law firm White and Williams. The more vacant space inside of a building — whether industrial, office or retail — the less valuable that property may be without any changes to its structure or exterior.
Source: WHYY; 9/4/2024