Commercial Real Estate (CRE) is a key economic engine for municipalities. It provides space for jobs for the community, provides own economic value through its use and outputs, and serves as an important source of revenue for City governments. This report explains the importance of commercial real estate for cities and their residents, explains some of the basic terminology needed to understand commercial real estate listings, and looks at a number of economic indicators related or adjacent to commercial real estate. Some of these economic indicators include: property tax rates and levy percentages in Worcester and comparison cities, incidence of remote work and where remote workers reside, and major occupations and industries for employed residents. Finally, the report briefly looks at assessed values and commercial building permits, and includes a dashboard of FY21-FY23 commercial assessed parcels.
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