Ups and downs of values
Harris County Appraisal District valuations on the city’s tallest skyscrapers dropped 6.7 percent from 2008 to 2009, according to the study. HCAD valuations are used for calculating property taxes.
“The falling property values last year certainly reflect the realities of today’s marketplace,” said Kim Kobriger, managing partner of Houston-based Lewis Realty Advisors, which conducted the Houston Tall Tower Survey. “Office building prices have declined as rents have softened, vacancies have increased, and the scarcity of financing to make these investments has driven down the price for these landmark buildings.”
HCAD valuations should decline again in 2010, Kobriger predicted, pinching the school districts, city and county budgets.
The Lewis Realty Advisors Houston Tall Tower Survey included buildings in downtown Houston of at least 15 stories.
The real estate company handles commercial appraisals along with other services for property owners and governmental entities.
Source: Houston Chronicle