Investors are piling back into New York office buildings, lending billions of dollars to property developers in a sign big money managers see the return-to-office wave as a much-needed salve to the market.
Owners of four New York skyscrapers have tapped the commercial mortgage-backed securities market to refinance their debts in recent weeks, raising $3bn, according to documents reviewed by the Financial Times and data from Bank of America.
That has lifted borrowing tied exclusively to NY offices in the CMBS market to $11bn this year, with office financings in US securitised markets at their highest level since 2021, before the Federal Reserve began raising interest rates.
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