Initial results from King County’s property valuation in 2023 show property values are still affected by the lingering impacts of the COVID-19 pandemic.
King County Assessor John Wilson
Values of commercial office buildings also dropped coincidingly, falling by 15% to 20% despite the slow transition of bringing workers back into the office with less remote work availability.“Generally, the commercial market has remained steady in recent years. But in 2023 we are seeing a significant drop in the value of large office spaces, presumably due to the shift away from in-office work,” Wilson continued.
This comes as a stark contrast to last year’s exponential rise in valuation, with home values increasing by 52% on the Sammamish plateau, approximately 45% in Redmond, Bellevue, and Kirkland, and north of 30% in Bothell, Kenmore, and North Bend.
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