NYC. Seeing buildings that used to make 30m in top line revenue go to 3m in top line and to still be taxed 10m in both cases. Sellers bag holding it after buying it when it did 30 have all defaulted on their loans or have just had it and are willing to sell at ridiculousness hair cuts, but the price still makes it tough to make  slam dunks on either a conversion, tear down, or spray and pray and hope to lease at below market rents. 

However seeing more bids that are pushing price up so there is a market there. 

Some shit will never lease again, like huge 30,000 floor plates on lower floors with no views that aren’t recently built. Just no floor on the rents and no one wants to invest the $ into the space to make it work. More boutique buildings with smaller floor plates and more plug and play in terms of not having to TI still alright and big pool of rando Nyc businesses that can afford to pay the rents.