Demand Uncertainty From Technology AdoptionUncertainty about how artificial intelligence adoption will reshape white-collar jobs introduces downside risk to future office space demand and leasing assumptions.
Property-level Credit And Ground Rent RiskA ground rent reset at a Penn property combined with a mortgage default at another building highlights property-level credit and transaction risks that may weigh on operating income.
Refinancing RiskA large pipeline of upcoming debt maturities could create refinancing pressure and raise funding costs if capital markets tighten.