Revals to shed light on pandemicís impact on commercial property values

1/11/2021

The ultimate scope and scale of the COVID-19 pandemic’s impact on the commercial real estate market remains to be seen, but Connecticut is about to get some clues.

More than 30 municipalities across the state, including Greater Hartford communities like Newington and Southington, have just completed their five-year property revaluations, a rebalancing of taxable property that effectively locks in who pays what between now and 2025.

The recent appraisals, based on market conditions as of Oct. 1, 2020, are the first in Connecticut to consider the pandemic’s impact on key real estate valuation metrics like recent comparable sales and property income.

Any significant declines in value or shifts between property types should become clearer once those municipalities publish their grand lists, which are due by the end of this month.

The pandemic’s impact on businesses has varied widely across sectors, with hospitality and retail companies among those that have experienced the most pain. Meanwhile, pharmacies and Class A multifamily properties have in many cases held up just fine.

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