US office space vacancies
Mar 29, 2023
Office space vacancy is currently at its highest level in the US since 2005. On the other side of the equation there is 46 bn USD in variable rate office debt that will mature in 2023 and will need to be refinanced ( source: Syzbank ). This all will happen in a context of higher rates, recession fears, tighter lending standards and deposit flights in the US regional banking sector. This remains a clear risk in the US commercial real estate sector.