Work From Home, High Interest Rates Put $92 Billion in Office Mortgages at Risk
[ad_1]
A Pacific Investment Management Co. office landlord that defaulted on $1.7 billion of mortgage notes sent shockwaves through a troubled part of the real estate market.
For years, property owners have been grappling with the rise of remote work — a problem so large that one brokerage estimates roughly 330 million square feet (31 million square meters) of office space will become vacant by the end of the decade as a result. But low interest rates allowed the investors to muddle along more easily without worrying about the debt.
[ad_2]
Source link