Print edition: 
The value of downtown properties remains in the deep freeze, virtually identical to the value of two years ago, Sedgwick County appraisal records show. The 2010 valuation of $838.8 million for property bounded by Kellogg, the river, Central and Hydraulic, includes the $154.3 million valuation of the arena.
Subtract the arena, and downtown real estate values fall to $684.5 million. That is about 1 percent above where it was in 2008.
The plateau follows several years of sharp increases. It jumped more than 10 percent in 2007 and 2008.
The recession has cut demand for downtown office space, lowering occupancy and cutting cash flow, say experts.
But very low interest rates and inflation also have slowed the rise in expenses, allowing many landlords to hang on.
"We're living in a rather unique period of time where things have been very flat," said Steve Martens of Grubb & Ellis/Martens Commercial Group.
But downtown now is better off than it was 10 years ago, and interest has been higher despite the recession, Martens said.
"It's a tough market, we all agree with that," he said. "We're not going in the right direction at the moment, but I still see activity and opportunities in the downtown market."
Not all downtown property values were unchanged, of course.
Among the most prominent of those buildings with higher values was the Bank of America building, with a valuation hike of $1.7 million.
Sedgwick County Appraiser Mike Borchard, attributed the rise to several million dollars' worth of building permits.
Chris Ruffin, real estate manager for Ruffin Properties, said he isn't happy about the increase.
"They jack up the numbers to increase the taxes," he said.
He said he renovated 15,000 square feet to make it leasable, but the cost was far less than Borchard contends.
"The values aren't based on anything," he said.
He said he is appealing the appraisal.
On the other side of the ledger, the owners of Epic Center were able to lower their property value by $1.2 million.
Borchard said the company brought in the building's income and expenses and proved that its valuation was too high.
