Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The Rabid Capitalist previously noted that COVID, hybrid work and interest rates had conspired to wreck the financial performance and asset value of office real estate. While markdowns had been commonplace, distressed sales had been a rarity. Short-term actions by tenants, lenders and owners have led to can-kicking, postponing asset realizations and losses. Distress had been deferred not avoided (see https://therabidcapitalist.com/2024/01/16/office-we-dont-need-an-office/ and https://therabidcapitalist.com/2024/02/07/the-debt-maturity-paywall-damage-assessment-the-good-the-bad-and-the-ugly/).
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