Inside the “standoff” over what office buildings are worth

How much is an office building in a big city worth these days? No one really knows.

The big picture: Investors have been poised to pounce on depressed office properties for a while now, but there hasn`t been much opportunity for actual deal-making.

• Yes, but: That`ll probably start to change this year. "This is really evolving. I would say that activity is picking up," says Cathy Marcus, co-CEO at PGIM Real Estate.

Why it matters: Where these values shake out will provide some clarity for a banking system that`s still a little jittery from last year`s mini-crisis. Banks hold just under 40% of the trillions in outstanding U.S. commercial real estate debt...

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RSK: Every owner has a different set of circumstances...but it seems, the less debt you have the more likely you will hold the real estate.