Assessments prove Kaegi's optimism: Newly released West Loop data offers clues about how the Cook County assessor sees the health of the office sector.

Cook County Assessor Fritz Kaegi has released data on downtown office building values, which has received criticism from landlords. The assessments show that recent valuations in the West Loop area have dropped by an average of just under 16% compared to Kaegi's previous estimates in 2021. The data reflects the impact of rising interest rates and weak demand for downtown office and retail space on property values. Landlords argue that the value of their properties has fallen by more than Kaegi suggests. The assessments play a crucial role in determining property tax bills for owners. [Extracted from the article]