Ann: Dividend/Distribution - COF, page-76

The trouble at the moment all around the world is that the employment rates are too high to bring down inflation fast enough. Spending is still too strong.
Consequently interest rates have gone up faster & further than otherwise would occur. A lot of this is down to the excess COVID liquidity injections into the economy boosting saving rates to sky high levels.
We would have been better off having unemployment higher coming out of COVID instead of a property boom, higher debt levels & high savings rates.

I don't think we will see a situation of a credit freeze per GFC & Australia can't risk putting interest rates much higher without massive mortgage defaults. IMO this would happen even without higher unemployment if rates were to go to 4-5% & held for 12 months.

So I see this as a temporary issue ,while property investors try to pick up bargains at deflated prices rather than a fundamental underlying issue with office valuations.
If owners don't take the deflated prices in the next 9 months we may get through this unscathed i.e. no forced sellers due to credit issues.