NYC Commercial Property Values Show Year-Over-Year Gains

New York City commercial property values are strengthening, buoyed by banks, tech companies and law firms moving into trophy offices.

The market value of the city’s offices, stores and hotels is projected to rise 4.3% to nearly $350 billion in the fiscal year beginning July 1, up from a 3.8% increase a year earlier, according to a tentative assessment roll released Thursday by the Department of Finance.

The value of the city’s more than 1 million properties overall is expected to climb 5.4% to $1.66 trillion, a slightly slower pace than last year’s 5.7% increase. Citywide assessed value — the ...