Trouble is brewing in Indianapolis as for example, a tech giant is paring back a quarter of its office space inside the tallest building in Indiana.
In Atlanta, a private investment giant defaulted on a $212 million mortgage on a 29-story office tower.
In Blatimore, a landmark building sold for $24 million in the month of July, about $42 million less than it fetched in 2015.
The urban doom loop is creating a big issue in these areas. It is also spreading to other parts of the United States of America.
Experts are seeing a commercial real estate apocalypse that could wreck local tax revenue in the meantime.
The COVID-19 era has spread the increase of empty offices due to remote remote work. Now, many once-bustling commercial areas are slowly being deserted as workers operate from home.
Sometimes, when a major company slashes office space in mid-size cities, things change, including the threat that a downturn could become a ghost town.
Which companies are under threat?
the growing numbers of working-class people doing their work from home is leading companies like Milwaukee or Memphis are now rethinking their leases or pulling out of these deals more than before.
Landlords find it harder to attract new tenants as rates are climbing higher. Buildings also sell for less than they once used to. Business districts may dry up, with shoppers and tourists having no reasons to go there to patronize food sellers.
Some experts have describe the new threat as a “train wreck in slow motion.”