TOKYO -- Office demand has fallen around the world as more people work from home and businesses accelerate job cuts to cope with slow growth. At the end of March, vacancy rates hit the highest levels since the global financial crisis of 2008 in 10 of 17 major cities.
It is not just office space that has seen weak demand but hotels and other commercial facilities are also facing declines in operating rates. This raises concern about the likelihood of financial instability caused by soured real estate loans.
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