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Yup. It’s happening. If there is a financial crisis, it will be here. Perfect storm. Office buildings only 50% occupied due to work at home. Thus lease renewals, if they re-lease at all are at 50% of prior sq. ft. Urban decay is causing employers to move to the burbs (or in CA, out of state). No urban employees equals reduced demand for retail and restaurants. But, challenges still exist for those who buy cheap. When will people decide to re-occupy? When will urban decay turn around? Large floor plate office does not convert easily to residential. Perfect storm.

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