The occupancy rate will fall, and IIF can't keep its tenants...

The occupancy rate will fall, and IIF can't keep its tenants solvent. Insolvencies will rise, and some of IIF's tenants will go teats up. Asset values will come down, because there's no new demand for office sace and there's 10M square metres of space being built in Australia. As this completes, it'll have to be sold - at any price - or rented - at any price - which drives rents and values down.

I think IIF has been hit too hard, but I wouldn't say its all blue sky from here, not by a very, very long way.