US office owners face $117bn (£92bn) of debt repayments in 2024.
According to data from the Mortgage Bankers Association, the refinancing will cause a major headache for the already embattled sector, which is struggling with a collapse in values and high interest rates.
Defaults are still low, at around 1.5% at the end of Q3, but losses on the loans could be significant, with economists estimating that 40% of office loans on bank balance sheets were “under water”.
