Was all propped up by owners getting low interest loans based on their most recent rent, even if vacant. So they will keep spaces vacant outside of normal market pressures for as long as they can. See Louis Rossmann's later New York videos where he shows how empty they all are there.
If interest rates stay high long enough though, some will collapse and put pressure on local banks financing the scam to either actually start manually vetting the properties or to raise rates on commercial real estate in general, bringing the whole city down like dominos.
Just hope congress or the fed doesn't bail their sorry ass out, though. I can dare to dream.
Likely coming to other cities.
Was all propped up by owners getting low interest loans based on their most recent rent, even if vacant. So they will keep spaces vacant outside of normal market pressures for as long as they can. See Louis Rossmann's later New York videos where he shows how empty they all are there.
If interest rates stay high long enough though, some will collapse and put pressure on local banks financing the scam to either actually start manually vetting the properties or to raise rates on commercial real estate in general, bringing the whole city down like dominos.
Just hope congress or the fed doesn't bail their sorry ass out, though. I can dare to dream.