The office sector is hurting... "According to Moody's, asking rents on average are 26.8% higher than effective rents. "Said differently, concessions imply that effective rents are discounted 21.1%," they wrote. It's a 21.1% revenue haircut. In comparison, an extra hundred basis points of interest or 5% more in overall operational expenses seems low." https://lnkd.in/eBmxqqJn