Twin Cities commercial spaces are shrinking in value, forcing communities to rethink development

The value of commercial spaces, like office buildings, are shrinking in the Twin Cities. That became apparent last week, when the city of Richfield shared that Best Buy’s headquarters building dropped nearly 50 percent in value in its most recent assessment.

But how was that office building’s value decided? And how does it affect your tax bill?

Josh Hoogland, assessor for Hennepin County, and Laura Russ, executive director for the Shenehon Center for Real Estate at the University of St. Thomas, joined MPR News guest host Catharine Richert to talk about commercial spaces and the impact their value has on cities.

Use the audio player above to listen to the full conversation.

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