We expect a further slowing in office completions over the next few years as a combination of factors weigh on the profitability of new projects. But our latest review of the metro-level completion forecasts saw large upward revisions for Austin, NYC and Miami. That increases the already-substantive downside risks to NYC, while the large volume of expected completions in Austin adds to the risks from tech tenants cutting back on lease commitments as they seek to cut costs.
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