“Record-high office vacancy rates are threatening to send major cities into an ‘urban doom loop’, where falling property values shrink a city’s tax base, cutting off funding for essential public services that only drag property valued down further. Columbia Business School professor Stijn Van Nieuwerburgh, who’s been dubbed the ‘prophet of urban doom’ for his research on the topic, told Fortune that we’re close to the ‘event horizon’ of that vicious public-finance circle.” Fortune, Dylan Sloan, CRE vet who advised on $8 billion of deals says 30% of office buildings are ‘basically worth nothing’ and ‘just have to be torn down’, 25.2.2024