Commercial Real Estate Struggles as Lending Falters, Offices Empty, and Costs Mount
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CMBS and CLO issuance has plummeted over the past year, indicating problems in commercial real estate lending.
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Office vacancy rates dropped slightly in NYC but overall leasing fell; D.C. and Orange County office markets remain weak.
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WeWork skipped nearly $100M in interest payments, entering a grace period with lenders.
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TikTok signed major office leases in LA; other significant leasing deals in NY.
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NYC granted a 2-year compliance grace period for emissions law Local Law 97, displeasing landlords and activists.