Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The Rabid Capitalist recently reported that employers were reinstating and enforcing their return to the office policies to the relief of landlords everywhere. It has provided a modest benefit to rent rolls but cannot restore office property historic investment returns. The lease renewal overhang, the forty percent of the office leases written at the start of the COVID outbreak that has not yet expired, has begun to damage asset values. The Trepp commercial mortgage backed securities (“CMBS”) delinquency rate spiked by seven percent to 6.42 percent in November.
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