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Articles by Stefanie M. Graham
Work-Out or Walk-Out: The Difficult Decision Facing Commercial Office Owners | JD Supra
Back in March, we wrote about the then-current news of some of the nation’s largest real estate owners defaulting on loans secured by office buildings. At the time, we envisioned a market ripe for borrowers and lenders to engage in work-out discussions; borrowers could retain ownership of their property and lenders could avoid taking losses or being saddled with office buildings with high vacancy rates.
Work-Out or Walk-Out: The Difficult Decision Facing Commercial Office Owners
Off Now, however, as a result of a confluence of factors, including interest rates (at their highest in decades), recent bank collapses, and the continuing normalization of “work-from-home” or hybrid models, it looks like that market may not be as robust as predicted. Office values are projected to drop 44% from pre-pandemic levels by 2029, up 22% from predictions made as recently as a year ago.
Remote Work and Higher Interest Rates Drive Office Defaults Across the United States | JD Supra
With some of the nation’s largest real estate owners defaulting on, and looking to restructure, loans backed by commercial office buildings, what may have seemed like an impossibility a few short years ago, is now very much a reality. The combination of higher interest rates, reduced occupancy, and an overall devaluing of office assets is driving defaults across the United States. How Did We Get Here? Remote Work.
Remote Work and Higher Interest Rates Drive Office Defaults Across the United States
With some of the nation’s largest real estate owners defaulting on, and looking to restructure, loans backed by commercial office buildings, what may have seemed like an impossibility a few short years ago, is now very much a reality. The combination of higher interest rates, reduced occupancy, and an overall devaluing of office assets is driving defaults across the United States. Off How Did We Get Here? Remote Work.
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