I don’t know what is more brutal, a 44% decline in effective rental rates or the fact that office rates ever reached $70 PSF in the first place. Calculated Risk has the post here which summarizes an article from Rueters. I love the analogy put forth by the guy CR calls Brian in which he refers to a "neutron bomb for RE equity"; destroys CRE investors, but leaves the buildings still standing. If you don’t know what a neutron bomb is you can find out here.
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