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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Commercial real estate owners in city upset with re-assessment results

A group of Fredericksburg’s commercial real estate owners and brokers want to meet with the consultant who recently completed the city’s first property re-assessment since 2009.

Preliminary results of the re-assessment showed that residential property values declined about 7.2 percent, and commercial properties declined about 1.5 percent.

The results touched off a wave of protest from the city’s commercial real estate community, mostly over email. Commercial property owners said the economic downturn has led to lower rents and more vacancies, depressing property values far more than the 1.5 percent included in consultant Fred Pearson’s re-assessment.

“I would ask that we set a date after the individual assessments come for you to explain this slight reduction in values in what has been the worst real estate market in 30 years or more,” Johnson Realty Advisors Executive Vice President Michael Colangelo wrote in an email to Pearson today.

Colangelo and others in the commercial real estate community are hoping to meet publicly with Pearson to discuss the results and offer more information about the current market. There’s been some discussion that the meeting could occur in front of Fredericksburg’s Economic Development Authority.

Permalink: http://news.fredericksburg.com/businessbrowser/2012/03/29/commercial-real-estate-owners-in-city-upset-with-re-assessment-results/