Peter Kelsen is representing several Philadelphia building owners with their attempts to appeal their property assessments, given the dismal state of the commercial real estate market.

The general economy, which is slowly emerging from a protracted recession, has challenged property values, Mr. Kelsen told the Philadelphia Business Journal.

He added that incomes generated by buildings are down because rents have decreased, landlords are using free rent and large amounts of money on office improvements to lure tenants, companies have downsized and shed space, and landlords have had a difficult time plugging vacancies. 

"It’s a challenging market," he said. 

"Owners of Phila. Buildings Will Challenge Assessments" by Natalie Kostelni appeared in the Philadelphia Business Journal on February 5, 2010. To read the full article, please click here.