Office vacancy rates are skyrocketing:
The latest data shows that the office vacancy rate in the US is about to hit 20% for the first time in history.
Even during at height of the pandemic, office vacancy rates did not break above 19%.
As a result, the price of office buildings is now down nearly 50% from its high.
Just last week, a Canadian pension fund just sold its 29% stake in this New York office building for $1.
The pension fund had already poured $71 million into the property and the building currently has a $220 million mortgage.
Remote work has changed the world.