WeWork, once one of the world’s most valuable startups worth $47 billion, said excess supply of commercial real estate, greater competition for flexible space and uncertain economic conditions resulted in losses in the second quarter. The company’s stock is down more than 95% since its public listing, with an estimated market capitalization now around $450 million.

Total commercial and multifamily mortgage lending is expected to fall to $504 billion this year, a 38% decline from 2022.

Apartment-building values fell 14% for the year ended in June after rising 25% the previous year.

More than $14 billion of loans backed by local malls comes due in the next 12 months with about a fifth of all malls financed through commercial mortgage-backed securities underwater.

Rampant uncertainty has pushed commercial-property sales to their lowest level in years. Investors purchased only $130.5 billion worth of U.S. commercial property the first five months of 2023, a 61% decline from the same period last year.

Rents for new customers at U.S. self-storage facilities declined in the first quarter of 2023 to $15.45 a square foot, a 10% drop from the first quarter of 2022. That drop, following a comparable reduction in the fourth quarter of 2022, marked the biggest decline on record since tracking the rates in 2013.

A report from the Government Accountability Office (GAO) revealed that, on average, the headquarters of federal agencies are about 20% occupied each week. Weekly attendance in the bottom quarter of surveyed offices is a measly 9%, and not one reported attendance above 50%. Compare that with corporate offices in New York, where average in-office attendance surpassed 50% last month.

The occupancy rate for senior-housing facilities was 83.7% in the second quarter of 2023. That is up from the pandemic bottom but still below the 87.1% rate in the first quarter of 2020. Since the supply of new senior housing buildings is relatively low, analysts point to a lack of demand. One possibility: Remote and hybrid work schedules are keeping many older Americans from moving into senior-living communities.

After more than two years of booming sales and price increases, the U.S. housing market sank this year under the weight of high mortgage rates. In April, home prices declined year over year for the first time in 11 years.

As many as 188,000 low-cost rental apartments funded by the government tax credit are eligible to convert their properties to market rate by 2027.