Office Matures
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As the Federal Reserve further tightens monetary policy by raising interest rates, existing borrowers of fixed-rate debt will be impacted when that debt matures. At that point, borrowers will likely need to refinance at higher interest rates, raising the question of whether or not they can afford costlier debt service. Understanding the quantity of debt maturing over a specific period of time can, therefore, provide some insight into how owners of different asset classes may be impacted by the increased cost of debt.
Commercial Mortgage-Backed Securities (CMBS) maturities, when combined with vacancy rates, can act as a leading indicator for increasing risk to property owners. This measure is particularly useful in analyzing the outlook for the office sector. Rising interest rates limit refinancing options for maturing loans, while the pandemic-fueled increase in remote work has drastically altered the demand for office space.
Many office buildings, especially those that are not a best-in-class asset, remain substantially underutilized. No other asset class is as under-utilized as office. Additionally, according to Trepp, approximately 8.4 percent of office CMBS borrowers have debt service coverage ratios (DSCR) under 1, which means they cannot afford to refinance their existing loan balance at existing interest rates. The exposure is meaningfully higher than for retail (6.2 percent), multifamily (4.6 percent) and industrial (3.6 percent) and indicates that more office buildings are struggling to cover their debt service than other asset classes.
While retail and multifamily exhibit a linear increase over time, implying a relatively unchanging quantity of annual debt maturities, both office and industrial see a sharp increase in 2023 and 2024. After that, industrial maturities stabilize, whereas office maturities continue to increase.
The sharp increase in industrial debt maturities in late 2023 and early 2024 is due to five large portfolio loans worth between $1.2 billion and $4.5 billion. If these industrial portfolio loans are excluded (green dotted line in the chart), office CMBS maturities outpace all other asset classes over the next five years. Additionally, there is over twice as much outstanding office CMBS debt (approximately $240 billion) than industrial (approximately $110 billion).
More importantly, the outlook for the office sector is far less certain than the outlook for industrial. Office buildings in some major cities across the country remain half empty, with vacancy rates creeping up as fewer tenants renew leases and many that do choose to downsize.
Approximately 17 percent of all outstanding office CMBS will come due in the next two years. Yet, demand for office space has changed fundamentally as a result of new remote work technology and practices. Higher interest rates combined with still under-utilized office buildings will likely increase levels of risk to office owners over the next two years.
In the season 4 episode \"Survivor Man,\" Michael feels excluded when he is not invited to a corporate wilderness retreat and heads off into nature to prove he can survive, leaving Jim in charge of the office while he is gone. Jim makes the ill-conceived decision to combine the birthday celebrations of multiple employees, before eventually rescinding this idea.
For much of the show, Michael does whatever he can to have all the attention on himself. That is what makes his exit from the show in the season 7 episode, \"Goodbye, Michael,\" so surprising. Michael lies about his last day at the office, leaving a day before everyone thinks he will. This allows him to say goodbye to everyone without being the center of attention.
After Michael and Holly start dating, Holly is transferred to the Nashua branch to avoid another in-office romance and the two end up breaking up, not wanting a long-distance relationship. In the season 5 episode, \"Company Picnic,\" the two are reunited for a company picnic. Together, Michael and Holly put on a skit for the employees in attendance and, despite giving away information they should not have, they thoroughly enjoy their time together.
Just as Pam is doubting her ability, Michael shows up and is blown away by her drawing of the Dunder Mifflin office. While he could have allowed his negative experience at business school to make him cynical, Michael has the emotional maturity to affirm Pam and give her a much-needed confidence boost.
In the season 6 episode \"Murder,\" everyone in the office is stressed over Dunder Mifflin's financial woes, leading to speculation about the future of the company. Michael and Jim clash over how to handle the crisis when Michael organizes a murder mystery game for the office.
A vulnerability scanner is used at least fortnightly to identify missing patches or updates for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products.
Patches, updates or vendor mitigations for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products are applied within one month of release.
Internet-facing services, office productivity suites, web browsers and their extensions, email clients, PDF software, Adobe Flash Player, and security products that are no longer supported by vendors are removed.
A vulnerability scanner is used at least weekly to identify missing patches or updates for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products.
Patches, updates or vendor mitigations for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products are applied within two weeks of release.
Patches, updates or vendor mitigations for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products are applied within two weeks of release, or within 48 hours if an exploit exists.
A vulnerability scanner is used at least weekly to identify missing patches or updates for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products.
Patches, updates or vendor mitigations for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products are applied within two weeks of release.
Patches, updates or vendor mitigations for security vulnerabilities in office productivity suites, web browsers and their extensions, email clients, PDF software, and security products are applied within two weeks of release, or within 48 hours if an exploit exists.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
49 Providers are categorised according to their tariff group, using the same methodology as in our key performance measure 2 (available at www.officeforstudents.org.uk/about/measures-of-our-success/participation-performance-measures/gap-in-participation-at-higher-tariff-providers-between-the-most-and-least-represented-groups/). Higher tariff providers are the top third of English higher education providers when ranked by average tariff score of UK domiciled undergraduate entrants. Tariff scores are defined using Higher Education Statistics Agency data from academic years 2012-13 to 2014-15.
The Jersey City and Barrington offices are now accepting internship applications for the fall! Interested applicants for our New Jersey office must be enrolled in an undergraduate, graduate or law program program to qualify.
U.S. Senator Bob Menendez seeks full time interns for the summer sessions in his Washington, D.C. office. Prospective interns should be mature, self-motivated, and enthusiastic. Candidates should also have strong research and writing skills. Duties include attending congressional hearings, writing memos, and assisting staff with legislative research. Interns will also be answering phones, giving U.S. Capitol tours, and processing mail. This internship is unpaid. New Jersey ties are preferred, but not required, and having Spanish language fluency is a plus. 781b155fdc