Biden Country! No Rent Being Paid On 20% Of US Office Space As Office Property Values Fall (Office Vacancy Hit An All-time High As Fed Shrinks Balance Sheet)

by confoundedinterest17

Living in Biden Country! Where big American cities are becoming like Lori Lightfoot’s Chicago.

And the sad headline of the day (other than pure chaos on the Mexican border) is that NO RENT IS BEING PAID ON 20% OF ALL US OFFICE SPACE! And small banks hold 70% of commercial real estate loans!

Things are so bad, in fact, that 26 Empire State Buildings could fit into New York City’s empty office space, as occupancy in the city is hovering around 50% of prepandemic levels,

As The Fed momentarily pauses rate hikes, office vacancy rate just hit an all-time high. Another Biden first!! And the NCREIF office property index falling as The Fed tightens.