Fitch Ratings says that it's time for REITs focusing on coastal city offices to spread their attention out to something additional: a more conservative approach to credit.

"US office REITs that focus on coastal gateway markets, such as New York City, must operate with more conservative credit protection metrics to sustain low investment-grade ratings," the firm noted. "Weak access to attractively priced equity capital will lead office REITs to engage in less credit-friendly asset allocation and funding strategies, including development and share repurchases using proceeds from joint ventures and shorter-term floating rate recourse debt."

We know how it happened. Public health measures taken at a time when no one was sure what would happen meant millions who would ordinarily be at an office now worked from home. Many of them found they preferred the flexibility and autonomy. Many companies began to wonder whether they needed all that space they owned or had been leasing. And a lot of office building owners and investors found themselves saying, "Uh, what?" What is the value of property when you don't know who will want to lease it, when, for how long, or under what conditions?