全美办公室市场的分化现象日益明显，纽约与旧金山凭借金融及人工智慧产业的强劲需求出现回温迹象，但芝加哥、丹佛与洛杉矶等城市市中心仍饱受高空置率之苦。丹佛市中心空置率高达39%，居全美主要市中心之首；芝加哥市中心空置率亦达27%，企业总部迁移与租户流失使大量老旧商办面临困境。物业价值的急剧缩水同时引发连锁效应，包括业主争相申请调降财产税，导致税负转移至其他区域，并加剧了地方政府的财政赤字压力。
办公大楼价格的急跌与资产重置也开始为市场复苏创造条件，吸引了追求高折价的机会型投资人进场。例如601W等投资机构以较疫情前大幅折价的价格收购了芝加哥与洛杉矶的物业，部分老旧建筑亦计划进行改建或转为住宅用途。这种深度的价格修正为投资人带来了更清晰的估值基础，贷款机构也逐步恢复融资信心，市场各方普遍认为商业房地产市场正逐渐触底并迈向新的周期。
The US commercial real estate market is facing a severe debt and valuation crisis as persistently high borrowing costs and Federal Reserve interest rate hikes shatter the hope that time alone would heal the sector. Chicago's landmark Aon Center exemplifies the distress, with its appraisal plummeting from $712 million in 2015 to $195 million and its landlord's loan extension request being rejected. The delinquency rate for US office commercial mortgage-backed securities has surged to 12%, surpassing post-2008 financial crisis levels and forcing property owners nationwide to choose between injecting fresh capital into devalued buildings or surrendering them to lenders.
A sharp divide is emerging across the nation's office landscape, with New York and San Francisco seeing a rebound driven by finance and artificial intelligence, while downtowns in Chicago, Denver, and Los Angeles grapple with persistent vacancies. Downtown Denver's vacancy rate has climbed to 39%, the highest among major US urban centers, while Chicago's downtown vacancy stands at 27% amid corporate departures and tenant relocations. The widespread collapse in commercial property valuations has also triggered severe ripple effects, prompting tax assessment appeals that shift the municipal tax burden onto residential communities and worsen city budget deficits.
The severe price reset in office values is beginning to lay the groundwork for market stabilization by drawing opportunistic buyers back into long-frozen commercial hubs. Real estate investors like 601W are acquiring downtown towers in cities such as Chicago and Los Angeles at discounts of up to 90% below previous sales prices, alongside plans for building renovations and office-to-residential conversions. These deeply discounted transactions are providing greater transparency regarding true asset values, restoring lender confidence to finance distressed deals and signaling that the commercial property market may finally be nearing its bottom.