Spent its entire life burning $13.8 billion of investor cash. Landlords got free manna from heaven and can’t complain. A good scheme while it lasted for everyone but investors.
Availability rate in Q3 spiked to 36% in San Francisco. Sublease space nearly doubled in Silicon Valley. Leasing activity collapsed. More landlords default.
Some asset classes, notably industrial and self-storage, have scarcely declined at all. Others, having flown too close to the sun, have plunged into the sea.