Values of high-quality buildings expected to tumble about 40%
The full toll of the Federal Reserve’s rate hikes on office buildings emptied by the pandemic isn’t yet being felt, according to Barclays.
Real-estate firm Savills tracked the national U.S. office availability rate at 24.4% in the second-quarter. Researchers there also warned of a “mostly oversupplied” office market and pegged office loans as already representing 34% of the total $72 billion of distressed commercial property debt at midyear.
Still, properties loans are pegged to the 10-year Treasury yield BX:TMUBMUSD10Y, which was near 4.79% on Wednesday, after it last month briefly touched 5%, its highest in 16 years.
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