I mean that’s the play…try to keep it unrealized long enough…but where the property value will really start to struggle is on the massive CAPEX and growing vacancy (or rates they can charge) 

 Some are realising losses now, and on the flip side the buyer in the same deal sees value despite the capex, unless the plan is to demolish (attractive discount may help the economic case)

https://www.bisnow.com/new-york/news/office/ubs-auctions-off-office-tower-for-975-loss-125334