US commercial real estate turning sour

Vacancy rates for offices are reaching new highs in the US as 1/5 of the available space is now empty. While the emergence of home office since Covid has certainly an impact, we are alarmed this comes at a moment where the US economy remains relatively strong. It is apparent the ultralow interest rates with cheap financing of real estate property over the last decade have led to many excesses. This will impact the banks with substantial commercial real estate mortgages on their books who may become worthless. New York Community Bancorp is already feeling the heat with its share price down 68% y-t-d.