In cities across the country, “for lease” signs dot the downtown landscape. The pandemic aftermath – with employers maintaining hybrid or fully remote work policies and interest rates remaining high – has turned formerly bustling downtowns into veritable ghost towns.

The result: commercial real estate sales in major metropolises have slowed considerably and, in many cases, have presented some jaw-dropping price reductions. New York is on pace to see less than a third of its historical 10-year average in commercial real estate investment sales this year. In Boston, a pair of office buildings at 33-41 West Street recently sold for just over $4 million, a quarter of their $16 million price seven years ago. And in DC, owners are seeing valuations of certain downtown office properties that reflect a drop of 50% to 75% from the most recent sales.

Read more from attorneys Patrick Gallagher, John Ratino, James Shipe, Jonathan Stein, and Lee Templin of our Commercial Real Estate Workouts Group in this CityBiz article.