As office worker truancy slowly declines (and the office party planning committees reconvene), office building lenders are hedging that the short-term pain will be over in terms of tenancy and interest rates. A pair of articles from Bisnow suggests that office workers are returning to their seats--even in New York City--showing good headwinds for lower vacancy rates in the near and mid-term. Office lenders are taking note of this trend and extending loans and holding out on enforcing defaults and foreclosures in hopes that in-person attendance will ultimately translate into lower vacancy, more cash flow, and increased valuation. This, coupled with the anticipated leveling off of interest rates, is positive news for many office landlords and their lending partners. Check out the articles to learn more.
Midweek Manhattan Office Visits At 70% Of Pre-Pandemic Levels
Rate Of Office Loans Landing Extensions, Modifications Soars
