Commercial real estate finance company Blackstone Mortgage Trust saw shares drop 10% on Wednesday as the firm cut its dividend 24% in the face of continued strain from vacancy-ravaged office spaces. It is the latest sign of mounting woe for commercial real estate, which analysts say is set for a multi-decade reckoning as American workers stay rooted in their pandemic-era remote work habits, leaving wide swaths of office space empty at a time when interest rates remain elevated in the Federal Reserve's higher-for-longer world. "For Blackstone to have to come out and cut dividends, I have to imagine that's going to weigh on some people's minds," said Stephen Buschbom, research director at Trepp, an industry data provider.
Sales of newly built homes fell 0.6% to 617,000 annual pace in June, according to government data released Wednesday.
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