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American Bankruptcy Institute February 2024 Analysis: The Brutal Reality of Plunging Office Values Is Here
The shakeout in the $20 trillion U.S. commercial real estate market has long been delayed for a simple reason: No one could figure out just how much properties were worth. More crucially, few wanted to, according to a Bloomberg News analysis. Since the COVID-19 pandemic upended the use of real estate around the world, lenders have had little incentive to get tough on borrowers squeezed by soaring interest rates and take on loans that have lost value.