Office property under pressure as U.S. REIT index hits 14-year low

TOKYO/NEW YORK/LONDON -- From the U.S. to Japan, real estate investment trusts that focus on office property have taken a hit from fears that financing will be harder to come by amid turmoil in banking.

The S&P Composite 1500 Office REITs subindustry index, which tracks major office property REITs in the U.S., fell to 53 at one point in late March. It was down more than 20% from the end of 2022 and plumbed its lowest point since 2009. As of Thursday, the index still languished under 60.