Office REITs with this falling profitability metric are a worrying sign, Barclays says

Declining cash flows at several big office landlords might be the next big worry for embattled office properties.

Office landlords largely benefited from long-term tenant leases in place when the pandemic took hold in early 2020, but cash flows lately have begun to erode as more tenants downsize their office space as hybrid work looks to retains a foothold in the market.

The…