Commercial Real Estate Crisis is Getting Worse (Patreon)

This is US Data but pretty sure same all over the world in major cities.

The image highlights the rising US office vacancy rates, which reached an all-time high of 20.4% in the first quarter of 2025 (Q1 2025). This is higher than the post-2008 Financial Crisis peak of 17.5%. As a result, nationwide office prices have dropped by approximately 40% per square foot over the last three years, according to Apollo. Moody's projects that vacancy rates could increase further to 24% by 2026, indicating a deepening commercial real estate crisis.

Defaults are going to skyrocket!