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Not just NYCB: Japanese bank issues warning on U.S. offices, cutting some Chicago loans by 63%.

Por: MarketWatch Business February 01, 2024

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Aozora Bank said the U.S. office market faces adverse conditions due to higher U.S. interest rates and a shift to remote work. It cut the value of its non-performing office loans by 58%, including a 63% reduction in Chicago, and reductions between 51% and 59% in New York, Washington D.C., Los Angeles and San Francisco. Its commentary on the Chicago market was particularly bleak: “A considerable amount of time is required to recover supply and... + full article



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