{"id":164282,"date":"2024-01-08T15:10:45","date_gmt":"2024-01-08T22:10:45","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=164282"},"modified":"2024-01-19T08:16:21","modified_gmt":"2024-01-19T15:16:21","slug":"commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout","title":{"rendered":"Commercial Properties Are Set To See Another Half Trillion-Dollar Wipeout This Year"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8925970458\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-fundamentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">commercial real estate<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;market has been&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/its-official-commercial-real-estate-is-collapsing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">faced with headwinds<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for years, and 2024 may not be any different. With weak growth in the sector and a high interest rate environment that has pushed the cost of ownership to new heights, the CRE space is expected to continue falling in value this year.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In fact, property values could fall another 10% after falling 11% last year, according to Capital Economics\u2019 deputy chief property economist Kiran Raichura. He sees growth softening \u201cas the industrial rent boom gives way to more \u2018normal\u2019 growth rates and apartment rents flatline,\u201d he<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.capitaleconomics.com\/publications\/us-commercial-property-outlook\/another-year-double-digit-value-falls-2024?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Regular%20Report-fd53289d-e3a5-4413-8084-f2203fae554c&amp;utm_term=Regular%20Report-fd53289d-e3a5-4413-8084-f2203fae554c#no-back\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;wrote<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Using the firm\u2019s estimation that the market size is more than $5 trillion, that means the 11% decline in value last year equaled roughly $590 billion, while the 10% fall expected in 2024 equates to $480 billion.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Capital Economics sees some areas being more distressed than other sectors, but overall, the entire commercial space is likely to face a turbulent year. And others in the real estate space seem to agree.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www2.deloitte.com\/uk\/en\/insights\/industry\/financial-services\/commercial-real-estate-outlook.html?id=gx:2em:3int:4GC1000280:5awa:6fs:20230928\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Deloitte\u2019s 2024 Global Real Estate Outlook Survey<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;found that the highest percentage of respondents since 2018 expected the real estate sector\u2019s conditions to worsen.&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_659c71ea3da0a: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_659c71ea3da0a\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Where is CRE Headed in 2024?&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">One area of commercial real estate that is expected to be hit the worst is, unsurprisingly, the office sector. This area of the real estate market has been struggling since the COVID-19 pandemic, with many companies downsizing their offices. Even with many larger firms pushing for workers to return to the office, workers have been reluctant to accept the return to five days a week in a cubicle, and it looks like&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-real-world-impacts-on-remote-work-and-what-it-did-for-investors\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">remote work<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is here to stay. That\u2019s bad news for office landlords looking to fill up vacancies, which rose to 19.2% in Q3 2023 nationally, according to<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cre.moodysanalytics.com\/insights\/cre-trends\/q3-2023-preliminary-trend-announcement\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;Moody\u2019s Analytics<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2145\" height=\"673\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023.jpeg\" alt=\"Effective rent change and vacancy rates of office properties (2018-2023) - Moody&#039;s Analytics\" class=\"wp-image-164290\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023.jpeg 2145w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023-300x94.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023-1024x321.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023-768x241.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023-1536x482.jpeg 1536w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/office-rent-and-vacancy-2018-2023-2048x643.jpeg 2048w\" sizes=\"auto, (max-width: 2145px) 100vw, 2145px\" \/><figcaption class=\"wp-element-caption\"><em>Effective rent change and vacancy rates of office properties (2018-2023) &#8211; <a href=\"https:\/\/cre.moodysanalytics.com\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/cre.moodysanalytics.com\/\" rel=\"noreferrer noopener\">Moody&#8217;s Analytics<\/a><\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Raichura expects a 15% decline in office values due to falling revenues and rising&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/cap-rate-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">capitalization rates<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(a property\u2019s net operating income divided by the current market value). This could drive office vacancies even higher, which he expects to reach 20% by the end of 2025. This could further dampen revenue growth.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/finding-multifamily-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Multifamily<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;properties like apartments are also likely to face headwinds in 2024, said Raichura. While&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rent-prices-are-moving\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rental prices started to level out<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;last year, they remain high compared to overall disposable income. Coupled with an increase in multifamily housing that will likely lead to higher vacancies and put pressure on landlords already facing rising costs in a high interest rate environment, Capital Economics expects the property value of apartments to fall, with capital values falling 8.8% last year and 10.3% this year.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2145\" height=\"673\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023.jpeg\" alt=\"Net absorption across quarters (2010-2023) - Moody&#039;s Analytics\" class=\"wp-image-164288\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023.jpeg 2145w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023-300x94.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023-1024x321.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023-768x241.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023-1536x482.jpeg 1536w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/absorption-rates-2010-2023-2048x643.jpeg 2048w\" sizes=\"auto, (max-width: 2145px) 100vw, 2145px\" \/><figcaption class=\"wp-element-caption\"><em>Net absorption across quarters (2010-2023) &#8211; Moody&#8217;s Analytics<\/em><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Some Bright Spots in the CRE Space&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Still, it\u2019s not all doom and gloom for the CRE space in 2024.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-has-one-last-asset-class-still-standing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Retail<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is a \u201cbright spot,\u201d Raichura wrote, predicting that it will have a total return of 6% annually over the next five years after first experiencing a cyclical slowdown.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2145\" height=\"673\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023.jpeg\" alt=\"Effective rent change and vacancy rates of retail properties (2018-2023) - Moody&#039;s Analytics\" class=\"wp-image-164291\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023.jpeg 2145w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023-300x94.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023-1024x321.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023-768x241.jpeg 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023-1536x482.jpeg 1536w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/retail-rent-and-vacancy-2018-2023-2048x643.jpeg 2048w\" sizes=\"auto, (max-width: 2145px) 100vw, 2145px\" \/><figcaption class=\"wp-element-caption\"><em>Effective rent change and vacancy rates of retail properties (2018-2023) &#8211; Moody&#8217;s Analytics<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In fact, retail is expected to be a \u201cstalwart\u201d this year and \u201cis expected to experience steady performance, with unchanging vacancy rates and moderately positive rent growth for neighborhood and community shopping centers,\u201d&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.jpmorgan.com\/insights\/real-estate\/commercial-real-estate\/commercial-real-estate-trends\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;Ermengarde Jabir, senior economist at Moody\u2019s Analytics. There may even be opportunities for the office sector, such as converting office space into apartments or data centers, Jabir added.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Meanwhile,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage interest rates<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;have already started to fall, and the Federal Reserve is expected to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2023\/12\/13\/fed-interest-rate-decision-december-2023.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cut rates three times<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;this year. This means lower borrowing costs for property owners looking to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/how-to-refinance-your-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">refinance<\/span><\/a><span data-preserver-spaces=\"true\">, as well as lower overall costs for some landlords.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line&nbsp;<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The commercial real estate sector is about to have another tumultuous year. CRE investors should be prepared to hunker down for a long time, as even the multifamily space could face headwinds. For real estate investors in the office space, now could be the time to start looking for other ways to make use of any vacant buildings.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Still, there may be some resilience in some areas of the market, like retail. And with interest rates declining this year, it could provide some much-needed relief to some landlords.<\/span><\/p>\n\n\n\n<div class=\"wp-block-group has-slate-200-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center has-theme-slate-dark-color has-text-color\">More from BiggerPockets: 2024 State of Real Estate Investing Report<\/h2>\n\n\n\n<div class=\"wp-block-media-text has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-top\" style=\"grid-template-columns:auto 43%\"><div class=\"wp-block-media-text__content\">\n<p class=\"has-theme-slate-dark-color has-text-color wp-block-paragraph\">After more than a decade of clearly favorable investing conditions, market dynamics have shifted. Conditions for investment are now more nuanced, and more uncertain. Download the 2024 State of Real Estate Investing report written by Dave Meyer, to <strong>find out which strategies and tactics are best suited to win in 2024.<\/strong>&nbsp;<\/p>\n\n\n\n<div x-data=\"frictionlessSignupForm()\" class=\"button-account-type alignleft\">\n\n  \n\n  <!-- Guest Button -->\n      <template x-if=\"!$store.wp.isMember()\">              <button x-on:click=\"$store.wp.displaySignupPrompt()\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\">Sign up to download<\/button>\n          <\/template>  \n  <!-- Free Member Button -->\n      <template x-if=\"$store.wp.isMember() &#038;&#038; !$store.wp.isPaidMember()\">              <a href=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/BP_State-of-REI_2024-final.pdf\" target=\"_blank\" x-on:click=\"window.analytics.track(&#039;Blog | Carrot Download | SOREI 2024&#039;, {\n            referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout&#039;,\n            account_type: &#039;free&#039;,\n          });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\">Download<\/a>\n          <\/template>  \n  <!-- Pro Member Button -->\n      <template x-if=\"$store.wp.isPaidMember()\">      <a href=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/12\/BP_State-of-REI_2024-final_Updated-Dec-5.pdf\" target=\"_blank\" x-on:click=\"window.analytics.track(&#039;Blog | Carrot Download | SOREI 2024&#039;, {\n          referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/commercial-real-estate-set-to-see-another-half-trillion-dollar-wipeout&#039;,\n          account_type: &#039;pro&#039;,\n        });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\">Download<\/a>\n    <\/template>  \n  <!-- Frictionless Popup -->\n  <\/div>\n<\/div><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"600\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/MiniAnnouncement.png\" alt=\"\" class=\"wp-image-162917 size-full\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/MiniAnnouncement.png 680w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/11\/MiniAnnouncement-300x265.png 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/figure><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>After a tough 2023, things aren&#8217;t looking any better for this market. Here&#8217;s what you need to know.<\/p>\n","protected":false},"author":613681,"featured_media":164285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5527,7119,8],"tags":[],"class_list":["post-164282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-investing","category-biggerpockets-daily","category-real-estate-trends"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/164282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613681"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=164282"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/164282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/164285"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=164282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=164282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=164282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}