A growing number of office landlords are defaulting on loan payments as the rise of remote work causes more corporate tenants to rethink long-term leases, according to a report Tuesday.the Wall Street Journal reported
Vacant office space throughout the US is expected to surge to an unprecedented 1.1 billion square feet by the end of this decade — up from 688 million square feet in 2019 before the COVID-19 pandemic drove a widespread adoption of remote work, according to data from real estate firm Cushman Wakefield PLC cited in the report.
Source: Loan Digest (loandigest.net)
No one wants to come back to the office
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