Office Building Owners Cry Out for Help

Besieged by rising office vacancy rates, depressed leasing activity and weak sales, a group of office building owners has commissioned a report showing a pending drop in property tax collections. The owners are requesting county assistance and predicting budget headaches if they don’t get it. Here are the problems as they see it. MoCo’s office vacancy rate has risen from 13.1% to 17.7% since 2019, partly because of changing work patterns since the pandemic.