Stress on office real estate testing some local governments' budgetary resilience
Virtual Event
Moody's analysts will provide insights on how the increase in remote and hybrid work has fundamentally changed the office real estate market. Some office properties have changed hands at small fractions of assessed values and prices at which they traded only a few years ago. Local governments with concentrations of office properties and high dependence on real estate taxes will be challenged to keep their finances balanced as office values decline.
Discussion topics include:
- The impact of office valuation declines varies from market to market, with less pronounced effects in regions experiencing population and office-based employment growth
- Upcoming property assessment cycles will provide greater transparency on overall assessed value impacts
- Stress testing shows most cities expected to be fiscally resilient, with pockets of vulnerability
- Governments with concentrations of vacant offices and limited tax rate flexibility will be most challenged to maintain fiscal balance
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SpeakersThomas Jacobs Associate Managing Director, US Public Finance Moody's Ratings
Nick Samuels Senior Vice President, States Ratings Team Moody's Ratings
Nicholas Lehman VP - Senior Analyst Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Suheylee Fragoso at Suheylee.Fragoso@moodys.com.
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Tom is an Associate Managing Director in the New York Local Government Ratings Team. He manages a team of analysts that covers credits in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.
Tom joined Moody’s in 2011. Previously, he worked for many years in the municipal securities business in a range of capacities including research, trading, investment banking and risk management. During 15 years at CS First Boston he established a tender option bond program and was responsible for development and implementation of a variety of innovative financings for municipal sector issuers. After CS First Boston exited the municipal securities business Tom joined First Albany whose municipal group was subsequently acquired by DePfa Bank and then by Jefferies. Tom managed DePfa Bank’s portfolio of letters of credit and liquidity facilities in 2008 and 2009. He is a graduate of Haverford College.
Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.
Nick Lehman is a VP-Senior Analyst for the Eastern Local Governments Ratings Team covering credits in New England and New York. He joined Moody’s in 2011 and has experience in a diverse portfolio of local government and enterprise credits. Prior to joining Moody’s, Nick worked for the Kansas Development Finance Authority acting as the primary issuer for various State of Kansas credits, including state general fund, higher education, and pooled loan programs. Nick holds a BA in Economics from the University of Kansas and a MBA from Baker University.