
Boston Faces a Bigger Office – and Budget – Crisis Than You Think
Gone unnoticed amid all the heated debate are signs that the underlying problem – the decline in office building values – may be even more serious than first thought.
Gone unnoticed amid all the heated debate are signs that the underlying problem – the decline in office building values – may be even more serious than first thought.
The good news is that Boston’s 2025 tax revenue crisis may not be as bad as some have feared. The bad news is office values may have further to fall.
Updated assessment data from Boston City Hall shows a smaller projected increase in residential property taxes in 2025, but Mayor Michelle Wu is still lobbying for legislation shifting a larger portion of the tax levy onto commercial properties.
Sometimes crisis creates opportunity: a chance for the real estate industry and both city and state political leadership to come together and create a new and better economic engine room for Massachusetts.