Some $17 billion in mortgage bonds backed by office properties is coming due this year, in an environment where the outlook for the U.S. office market is cloudier than ever and companies continue to shed office space to cut costs.
That’s according to a recent report by New York-based Moody’s Analytics, which also noted office building commercial real estate loans, maturity extensions and potentially even maturity failures could become commonplace amid weak office market performance and interest-rate hikes.
The number of mortgage bonds backed by office properties coming due was $7 billion in 2022, and $4 billion in 2021, making 2023’s $17 billion on the verge of maturing a significant increase.
*Article courtesy of Philadelphia Business Journal
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