Cook County’s 2024 reassessment pushed many Class 5A downtown commercial properties up by an average of 21–22%, despite an office market that continues to struggle. Sub-50% occupancy, declining rents, and tenant downsizing have left even prime towers under pressure. Now, as those assessments move through the appeal process in 2025, the disconnect between assessor assumptions and market reality remains clear.
2024 Cook County Assessments vs. Market Reality
Many buildings that saw values rise in 2024 have not rebounded operationally. Owners are facing:
- Vacancy rates at or above 50% in numerous assets
- Rent concessions and free rent packages just to maintain tenancy
- Slow absorption as new leases trail far behind pre-pandemic demand
These challenges have left assessed values out of sync with actual income streams and investor expectations.
Why Owners Should Still Consider Appeals in 2025
While some may think the window has closed, viable appeal opportunities remain. Attorneys and owners can strengthen appeals with:
- Occupancy and income documentation that shows sustained loss in 2023–2025
- Cap rate evidence from recent downtown office sales, where risk premiums have expanded significantly
- Deferred maintenance and capital expenditure needs that drag on net operating income
Appeals framed with real-world underwriting rather than abstract valuation models tend to resonate most strongly at the Board of Review.
The Last Clean Window to Act
Mid-2025 may represent the final clean opportunity for many downtown office assets to correct inflated 2024 assessments. Once the Board of Review cycle concludes, later adjustments become far more limited. Filing now ensures that property owners capture current market conditions before tax bills are locked in.
How PahRoo Appraisal & Consultancy Helps
At PahRoo, we partner with attorneys and office owners to create compelling, evidence-based appeals. Our team provides:
- Updated comparable sales, rent rolls, and leasing trends
- Market-supported capitalization rates reflecting today’s risk climate
- Property-specific adjustments for repositioning costs or underperformance
Our approach ensures appeal arguments are credible, data-driven, and tailored to each property’s unique challenges.
Ready to Discuss Your Appeal?
If you or your clients own downtown office property in Cook County, now may be the last clean window to appeal 2024 assessments.