Inside the office debt timebomb: Commercial real estate teeters on the edge of financial meltdown as ‘zombie’ spaces dominate areas like San Fran and Manhattan – with owners set to default on billion-dollar loans this year
Commercial real estate has become a debt timebomb, experts have warned, as office towers remain empty in once-bustling cities. The new era of remote work means ‘zombie’ workspaces remain vacant – while higher interest rates make it more expensive to buy or refinance buildings. Some $1.5trillion in real estate mortgages are due this year and next, …