A group of CRE firms including the top office owners and operators in Washington DC signed a letter sent this week to DC's new chief financial officer warning that collapsing office property values are a threat to the fiscal health of the city.
The letter, sent by FederalCity Council, a civic organization headed by former DC Mayor Anthony Williams, told DC CFO Glen Lee that the deterioration of the DC office market is "a very troubling situation" that likely will severely impact the fiscal health of the city.
The letter suggested that city officials, who included a tax increase on commercial property in their latest budget, may be underestimating the number of distressed office properties in DC. The CRE firms asked to be part of a process reviewing how the city calculates its assessments of office buildings.
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