By Konrad Putzier Close Konrad Putzier Dec. 15, 2020 8:00 am ET , threatening the commercial-property sector’s reputation as a haven for investors.
That trend could make the office market more volatile, heightening booms and busts, with powerful implications for investors. Banks are typically less eager to finance properties with fluctuating income, investors say, leading to higher mortgage costs. In Manhattan, the estimated availability rate after factoring in similarly high co-working vacancies is 15.9%, the highest since 1995. Some real-estate analysts expect these figures to continue rising, as more companies look to cut costs and embrace remote work.
Rising vacancies and weak demand for office space are already weighing on publicly traded real-estate owners, which are trailing the overall stock market by a considerable margin. Shares of Boston Properties Inc. are down 29% year to date, while SL Green Realty Corp. shares are 36% lower, according to FactSet. Vornado Realty Trust shares are down 43%.
Most co-working companies leased office space under long-term deals, and landlords hoped this would mean continued payments even during a recession. But they are now finding that co-working companies are in some cases unwilling or unable to pay rent, pressuring landlords to renegotiate leases or seeking refuge in bankruptcy courts.20th Century Fox/Everett Collection Knotel has said it plans to shrink its footprint and faces lawsuits over unpaid rent.
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