No. of Recommendations: 3
Remote work and rising interest rates are dealing a double blow to office landlords, with potentially grave consequences for the city and even national economy.
Rapidly rising interest rates have intensified concerns that the New York City office market, the largest in the country and a pillar of the city's economy, could be at grave risk. That one-two punch could be worse than anything corporate landlords have experienced before, experts on the sector say, leading major banks and real estate analysts in recent weeks to warn that languishing properties along with falling property values and higher borrowing costs could increase the odds of a recession nationally and a budget crisis for the city.
nytimes.com - Office landlords NYC 