America is escaping its office crisis
Sep 1st 2025|New York|4 min read
For most people the covid-19 pandemic ended years ago. But not for commercial-property investors and their lenders. Working from home prompted an office slump that lasted far longer than mask mandates and lockdowns. Starting in 2022 aggressive interest-rate rises hurt the sector even more, by making mortgage loans far more expensive to roll over. The banks that financed it, especially the smaller ones, have been brutally squeezed as credit quality has deteriorated.
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Finance & economicsUnited States
This article appeared in the Finance & economics section of the print edition under the headline “Raise the roof”
From the September 6th 2025 edition
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