have walked away from major office loans as high interest rates and tighter lending levels have made refinancing debts costlier. Adding to their reluctance is shrinking tenant demand for office space, which has diminished the once lucrative office business.
About $270 billion in commercial-real-estate debt is coming due this year, Trepp said, which means that landlords will need to refinance their properties at today's higher interest rates — and face significantly higher monthly payments. Approximately one-third, or $80 billion, of that debt is tied to office buildings, perhaps the most troubled corner of commercial real estate. Office landlords' leasing, and therefore revenue, has fallen significantly due to the rise of remote work.
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