Turn to 10 on Nostr: Office building owners are facing a significant load of debt repayments in 2024. Data ...

Office building owners are facing a significant load of debt repayments in 2024. Data from the Mortgage Bankers Association shows that there are currently around [unknown number] in commercial mortgages tied to office buildings that either need to be repaid or refinanced this year. A big portion of that number is at risk of defaulting. The financial trouble is due to owners taking out loans when interest rates were lower, as well as the fact that commercial mortgages are often interest-only. The pandemic also caused widespread office vacancies, leading to decreased revenue. Moody's Analytics estimates that owners of 224 office buildings will have trouble refinancing. Manhattan has the most commercial mortgage loans expiring this year, followed by Houston, Los Angeles, San Francisco, Sunnyvale, and Chicago. New York City and San Francisco have office vacancy rates of more than 20%.



https://thenationaldesk.com/news/fact-check-team/office-building-owners-face-hefty-debt-repayments-in-2024-mortgage-bankers-association-refinance-loans-interest-rates-commercial-vacancy-rates