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- Accounting for one third of all jobs and two thirds of economic output, the sector is an essential driver of the City’s economy. The sector also contributes significantly to the City’s tax revenues, providing $6.4 billion in property tax, real estate transaction tax, mortgage tax and commercial rent tax revenues in FY 2022.
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May 5, 2023 · Office buildings are vital to New York’s economy for another reason: Their property taxes supply a chunk of New York City’s annual revenue.
More than 250,000 businesses are located in the City, and 43 of the companies included in the S&P 500 Index have headquarters located here, the highest number of any city. Companies with a global presence have a significant impact on the City’s economic activity.
Aug 7, 2024 · Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year (FY) 2025, surpassing pre-pandemic levels, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
Given the important role that commercial real estate, and the office market in particular, plays in New York City’s economy and tax base, this Spotlight focuses on recent, longer term, and projected trends in the city’s office market.
Office Real Estate in New York City: A Review of Market Valuation Shifts . Office buildings are an outsized contributor to New York City’s economy and finances. The COVID-19 pandemic and ensuing shift to hybrid office work arrangements have raised questions about the health of office commercial real estate
As New York City’s office market struggles to recover from the pandemic and to adjust to seismic changes in work-from-home patterns and policies, the outlook for commercial real estate is one of the primary risks on the horizon.
This Solutions Brief provides insights on New York City's economy and the trends that the pandemic has accelerated or altered, focusing on the sectors that have been historically critical to New York City’s economy: financial services, insurance, real estate, and the leisure and hospitality sectors.
