The Tell: Dirt cheap: Distressed office buildings likely to fetch only cost of land, Barclays says

The full toll of the Federal Reserve’s rate hikes on office buildings emptied by the pandemic isn’t yet being felt, according to Barclays.

Analysts at the investment bank said in a Wednesday client note that prices for office buildings already have dropped an estimated 20%-30% from peak levels, but that there is “likely more pain to come.”

“Office…