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‘Everybody stands to lose’: What empty office space in DC means for the city’s revenue | WTOP

December 06, 2023
  • D.C. Policy Center

On December 5, 2023, an analysis by Nick Dodds, with comments from Executive Director Yesim Sayin, was cited by WTOP:

If offices in downtown D.C. remain empty and current leasing trends continue, the city could lose millions from commercial property tax revenue, according to a new analysis from the D.C. Policy Center.

Demand for office space downtown has dwindled, according to D.C. Policy Center executive director Yesim Sayin, because companies are either not renting spaces or renting less of it. The implications of that, she said, are starting to become clearer, years after the pandemic started.

“Companies are no longer leasing, and that means your real estate is no longer desirable, and that means we really do not know what those buildings are worth anymore,” Sayin said. “We also haven’t seen any sales. You really never know the true value of a property until you sell it.”

Read more: ‘Everybody stands to lose’: What empty office space in DC means for the city’s revenue

Related publicationThe pandemic’s shadow still looms over D.C.’s commercial real estate market


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