There are fears that a rise in delinquencies as a result of the downturn could cause significant losses at banks, which finance many commercial real estate deals. Office space in the United States was also much more generous per person than in Europe and Asia, he said. London, Berlin, Madrid and Hong Kong were also forecast to have a large amount of excess office space. Before the pandemic, the Californian city was one of the hardest places in the United States to find office space, with a vacancy rate of only 9.5%. Now, 30% of its office space is either vacant or due to return to the market in the next year — a 30-year high.

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