More distress: office or apartments?
It's complicated...
Office vacancy rates are 20%+, values are down 50%+, and delinquency rates are higher than the GFC.
Apartments have been more of a slower burn, but total estimated distress in apartments exceeds total office distress.
Key question: will 'potential' distress turn into actual distress?
[Consistently impressed with MSCI's real estate insights.]
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