IPFS News Link • Business/ Commerce
Manhattan Office Vacancy Hits Record As Marquee LA Office Tower Sells At 50% Loss
• https://www.zerohedge.com by Tyler DurdenWhile it is common knowledge by now that lower-tier and suburban office markets as entering the nine circles of hell...
... for reasons most recently and succinctly summarized by Chris Whalen...
Problem with #CRE goes like this. Occupancy falls, SQFT rental price falls, rent roll falls, then bldg value falls.reserves consumed. Lender seeks more equity to restore 50% LTV. Equity does numbas, walks away.... @blackstone
— Richard Christopher Whalen (@rcwhalen) March 31, 2023
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