Report: Boston Could Lose $1.7 Billion in Tax Revenue Due to Empty Offices

Sagging office market could cost city $1.7 billion over next few years, report warns - The Boston Globe

The Boston Policy Institute had previously projected a shortfall of $1.2 billion to $1.5 billion over five years. Now it estimates $1.7 billion.

Falling office building values still a concern for Boston’s budget, think tank says

IT’S ROUND 2 for Mayor Michelle Wu and the Boston Policy Institute. The think tank that repeatedly clashed with City Hall over taxes is out with a follow-up to their report last year that Boston is facing a stormy revenue picture in the years ahead, as remote work has led to a loss in the value of office buildings. Their takeaway, as put by Evan Horowitz, the Tufts University analyst and author of both last year’s report and the one out Thursday…

Boston Tax Hit From Office Market Slump Swells to $1.7 Billion

Boston’s office buildings stand to lose nearly half their value over five years, costing the city as much as $1.7 billion in cumulative tax revenue.

Boston's commercial property poised to lose more value, and ...

Report: Boston could lose $1.7 billion in tax revenue due to empty offices

Empty office buildings and declining property values are threatening Boston's financial future — to the tune of a projected $1.7 billion loss in tax revenue over the next few years, according to a new report released Thursday by the Boston Policy Institute.

Study Predicts Boston Office Value Declines of 40% or More

The city of Boston faces a loss of up to $2.1 billion in commercial real estate revenue as property values continue declining, according to a report from the Boston Policy Institute and the Center for State Policy Analysis at Tufts University. The publication updates findings of a February 2024 report from BPI and cSPA, which the authors now consider “outdated and overly optimistic.” Titled Ongoing Fallout from Boston’s Empty Offices, the new re…