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Empty office buildings are the world's debt time bomb
By Natalie Wong, John Gittelsohn, Jack Sidders, and Shawna Kwan
Bloomberg News
Friday, June 23, 2023
In New York and London, owners of gleaming office towers are walking away from their debt rather than pouring good money after bad.
The landlords of downtown San Francisco's largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased.
The creeping rot inside commercial real estate is like a dark seam running through the global economy.
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Even as stock markets rally and investors are hopeful that the fastest interest-rate increases in a generation will ebb, the trouble in property is set to play out for years.
After a long buying binge fueled by cheap debt, owners and lenders are grappling with changes in how and where people work, shop and live in the wake of the pandemic.
At the same time, higher interest rates are making it more expensive to buy or refinance buildings. A tipping point is coming: In the United States alone about $1.4 trillion of commercial real estate loans are due this year and next, according to the Mortgage Bankers Association. (Other estimates are a bit lower.)
When the deadline arrives, owners facing large principal payments may prefer to default instead of borrowing again to pay the bill. ...
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