Full and original article posted on Citizen Portal.
Paul Matthews, executive director and CEO of the Worcester Regional Research Bureau, presented a citywide report and data visualization on commercial property values and related economic indicators.
Matthews said the bureau used three years of city assessment data (including 2023) and accompanying indicators such as property tax levy, major local industries, assessed values and building permits. He told the committee the report shows assessed commercial values are generally increasing and that commercial building permits in 2023 accounted for almost 75% of project costs and represented a nearly 75% increase in the number of commercial permits compared with the prior year. Matthews also reported there are 312 parcels used primarily as office space in the city (221 general office, 58 medical office, 33 bank buildings) and that the city’s employed population grew about 23% since 2013, outpacing the broader Worcester metropolitan area.
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