Even though consensus has formed that the office sector has lost billions, if not trillions, of dollars in value, a distressed-sale market has yet to materialize.
Only $5M worth of office buildings were sold out of foreclosure in the first five months of this year, a microscopic figure compared to the $236M in foreclosure sales conducted last year, CoStar reported. Sales of office properties with the pressure of an impending securitized mortgage maturity dropped from $1.5B between Jan. 1 to June 10 of last year to $165M over the same interval this year.
Overall, U.S. office sales slumped to $9B in the first quarter, the…