Tax growth on commercial real estate has always been a budgetary business concern, but now the pressure has been mounting. For multifamily, it has become one of the growing operational expenses, with the top growth in a metro hitting 15.3% year over year, according to Trepp.

That’s multifamily, where even with economic headwinds the basics should remain strong, as a Morningstar analysis suggested. Now try the calculation with office. Thomas Brosy at the Tax Policy Center, a venture of the Urban Institute and Brookings Institution, looked at overall falling commercial property values — in July down 12% over the previous 12 months, according to Green Street, compared to a 50% increase in residential values over 2018 — and then considered what that means to cities and the potential implications.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.