{"id":172388,"date":"2024-05-24T10:29:37","date_gmt":"2024-05-24T16:29:37","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=172388"},"modified":"2024-06-03T05:59:05","modified_gmt":"2024-06-03T11:59:05","slug":"high-interest-rates-are-forcing-big-time-investors-to-sell","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/high-interest-rates-are-forcing-big-time-investors-to-sell","title":{"rendered":"High Interest Rates Are Forcing Big-Time Investors to Cut Their Losses\u2014Is a Bust Coming?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4952952823\" width=\"100%\"><\/iframe>\r\n\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The sudden increase in interest rates has left many experienced&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;owners gasping for air. It&#8217;s a tsunami of woe for landlords who own office and retail space and never saw it coming\u2014and it threatens the nation&#8217;s entire real estate ecosystem.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Not only have mortgage interest rates ascended skyward, with no easing in sight, but&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;and e-commerce have meant former tenants have vacated buildings with no sign of return.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/articles\/office-remote-work-new-york-11657130765?mod=article_inline\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Big cities like New York<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;have&nbsp;<\/span><span data-preserver-spaces=\"true\">been especially hit<\/span><span data-preserver-spaces=\"true\">&nbsp;hard.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;You&nbsp;<\/span><span data-preserver-spaces=\"true\">literally<\/span><span data-preserver-spaces=\"true\">&nbsp;have trillions of dollars of investment that are suddenly just massively impaired,&#8221; Dan Zwirn, chief executive of Arena Investors, a New York-based asset manager and real estate investor, told the&nbsp;<\/span><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/articles\/commercial-real-estate-woes-run-deeper-than-in-past-downturns-e0c1f2b3\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wall Street Journal<\/span><\/a><\/em><span data-preserver-spaces=\"true\">. &#8220;People thought of these office buildings as forever because, of course,&nbsp;<\/span><span data-preserver-spaces=\"true\">it&#8217;s going to<\/span><span data-preserver-spaces=\"true\">&nbsp;be 98% leased forever.&#8221;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Property Owners Are Living on Borrowed Time<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to real estate consulting firm&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coydavidson.com\/u-s-office-market-report-q4-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Colliers<\/span><\/a><span data-preserver-spaces=\"true\">, the vacancy rate in U.S. commercial buildings was&nbsp;<\/span><span data-preserver-spaces=\"true\">at<\/span><span data-preserver-spaces=\"true\">&nbsp;17% as of the fourth quarter of 2023, higher than it was during the financial crash of 2008. Forgiving lenders don&#8217;t want to be saddled with foreclosed properties they can&#8217;t sell,&nbsp;<\/span><span data-preserver-spaces=\"true\">and so<\/span><span data-preserver-spaces=\"true\">&nbsp;are holding off on court proceedings. Remaining tenants who are current with rents are holding on, allowing buildings to stay afloat\u2014for the time being.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However, without fully rented buildings, limping&nbsp;<\/span><span data-preserver-spaces=\"true\">along<\/span><span data-preserver-spaces=\"true\">&nbsp;on borrowed time means maintenance issues will mount, and finding insurance on an almost insolvent building is challenging. Many landlords who&nbsp;<\/span><span data-preserver-spaces=\"true\">can<\/span><span data-preserver-spaces=\"true\">&nbsp;see the writing on the wall have decided to cut their losses<\/span><span data-preserver-spaces=\"true\">. The<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/03\/14\/business\/commercial-real-estate-tax-revenue.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/a><em><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/03\/14\/business\/commercial-real-estate-tax-revenue.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New York Times<\/span><\/a><\/em><span data-preserver-spaces=\"true\">&nbsp;reported that many commercial buildings&nbsp;<\/span><span data-preserver-spaces=\"true\">around the country<\/span><span data-preserver-spaces=\"true\">&nbsp;are&nbsp;<\/span><span data-preserver-spaces=\"true\">being sold<\/span><span data-preserver-spaces=\"true\">&nbsp;at a 50% to 80% discount.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As the cycle continues, it&#8217;s not just commercial landlords of skyscrapers who are feeling the pinch. Landlords and businesses throughout major cities are hurting as workers move, and municipal budgets that rely on taxes associated with valuable commercial property face shortfalls as lower property tax assessments cut revenue.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How Empty Offices Affect Cities and Small Residential Landlords<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When people no longer need to live in cities to work, the entire infrastructure of that city suffers, including smaller landlords who provide housing. Although the lack of inventory and high interest rates have forced people to keep renting instead of buying, it&#8217;s not surprising that there has been a&nbsp;<\/span><span data-preserver-spaces=\"true\">huge<\/span><span data-preserver-spaces=\"true\">&nbsp;movement away from expensive Northern cities since the pandemic.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to census data, New York City has been most affected, with&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2024\/03\/14\/nyregion\/nyc-population-decline.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">78,000 people leaving in 2023<\/span><\/a><span data-preserver-spaces=\"true\">. Overall, the state of New York lost 102,000 people. Most people leaving New York were not millionaires but the lower and middle class, earning between $32,000 and $65,000 who, without the need to&nbsp;<\/span><span data-preserver-spaces=\"true\">be tethered<\/span><span data-preserver-spaces=\"true\">&nbsp;to a costly city, were happy to give up high rents and cold weather.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How Empty Offices Could Impact Banks and Loans for Other Smaller Investors<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cre.moodysanalytics.com\/insights\/cre-trends\/q4-2023-preliminary-trend-announcement\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Moody&#8217;s Analytics<\/span><\/a><span data-preserver-spaces=\"true\">, the national office vacancy rate reached&nbsp;<\/span><span data-preserver-spaces=\"true\">a record<\/span><span data-preserver-spaces=\"true\">&nbsp;19.6% in the fourth quarter of 2023.&nbsp;Not since&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/real-estate\/commercial\/offices-around-america-hit-a-new-vacancy-record-166d98a5\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">1979<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;had offices been so empty.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If landlords foreclose or sell for less than they owe, that could spell big problems for banks that hold a lot of commercial real estate debt. The aftershocks could be felt throughout the&nbsp;<\/span><span data-preserver-spaces=\"true\">whole<\/span><span data-preserver-spaces=\"true\">&nbsp;lending industry, affecting smaller landlords seeking real estate loans.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;We saw this play out last year: A bank gets in trouble, and that creates uncertainty in the market,&#8221; Dan Roccato, a clinical professor of finance at the University of San Diego, told&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbs42.com\/news\/national\/empty-office-buildings-heres-how-it-could-affect-you\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CBS<\/span><\/a><span data-preserver-spaces=\"true\">. &#8220;That uncertainty ripples through the stock market, that uncertainty ripples through the real estate market, and that uncertainty then shows up in your 401(k) plan at the end of the month.&#8221;&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The result could be cities looking to make up the tax income shortfall from distressed and discounted commercial building sales by increasing revenue from residential property or sales taxes.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Waiting Game Gets Harder<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;Survive until \u201825&#8221; is not a phrase any landlords struggling with high interest rates would have expected to hear at the start of the year when the Fed first touted a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/feds-rate-cut-confidence-likely-shaken-not-yet-broken-by-inflation-2024-03-20\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">series of rate cuts<\/span><\/a><span data-preserver-spaces=\"true\">. However,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/inflation-april-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">inflation<\/span><\/a><span data-preserver-spaces=\"true\">&#8216;s stubborn grip on the U.S. economy and Fed Chairman Jerome Powell&#8217;s steadfast position on refusing to cut rates until it falls has investors, homeowners, and many politicians&nbsp;<\/span><span data-preserver-spaces=\"true\">wringing their hands<\/span><span data-preserver-spaces=\"true\">&nbsp;in despair.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">As we have seen from distressed commercial real estate sales and syndications with floating-rate&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/real-estate\/commercial\/propertys-waiting-game-is-getting-harder-4e25684e?mod=real-estate_feat2_commercial_pos2\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgages<\/span><\/a><span data-preserver-spaces=\"true\">, holding on to underwater debt has become increasingly difficult. Banks, too, are feeling the heat, having to carry debt expected to&nbsp;<\/span><span data-preserver-spaces=\"true\">be paid off<\/span><span data-preserver-spaces=\"true\">. On average, commercial real estate loans make up more than a fifth of U.S. banks&#8217; overall loan portfolios. Many commercial landlords cough up borrowed cash to extend their loans until rates drop.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to CRED iQ analysis, New York landlords SL Green and Vornado had to find around&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/commercialobserver.com\/2024\/04\/sl-green-vornado-extend-1b-senior-loan-280-park-buy-back-mezz-discount\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$100 million to extend<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;a $1.08 billion loan on an office building at 280 Park Avenue&nbsp;<\/span><span data-preserver-spaces=\"true\">in April<\/span><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\">&nbsp;Other owners have decided they can no longer afford to keep servicing the debt and would do better to deploy their money elsewhere.&nbsp;<\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\">&nbsp;is similar to what happened in the financial crash of 2008. Waiting in vain has its limits.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">&#8220;Last year, borrowers were saying, &#8216;I just need three months for rate cuts to kick in,'&#8221; Alex Killick, a managing director at real estate services company CWCapital Asset Management, told the&nbsp;<\/span><em><span data-preserver-spaces=\"true\">Wall Street Journal<\/span><\/em><span data-preserver-spaces=\"true\">. &#8220;We aren&#8217;t hearing that anymore. Powell sounded pretty clear that this is the new normal.&#8221;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Letting properties go is always the last option for investors when the financial strain becomes unbearable. What frustrates many commercial property owners is that the Fed teased rate cuts and&nbsp;<\/span><span data-preserver-spaces=\"true\">then<\/span><span data-preserver-spaces=\"true\">&nbsp;backed off. They will inevitably happen, but when is the all-important question?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In the meantime, the ropes tethering commercial buildings, lenders, owners, and an entire real estate infrastructure are starting to give, threatening businesses, livelihoods, and cities.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Although no one saw the pandemic coming, the aftershocks must make politicians and landlords better prepared to handle other black swan events. At the root of it all are interest rates, fueling rampant inflation caused by the Fed&#8217;s easy money policy.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"editor-rtfLink\" href=\"https:\/\/www.visionofhumanity.org\/the-economies-best-positioned-to-recover-after-the-pandemic\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Other countries<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;have recovered more quickly from the pandemic than the U.S., without the inflation and rate hikes.&nbsp;<\/span><span data-preserver-spaces=\"true\">Lessons must be learned<\/span><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In the meantime, Jerome Powell needs to offer the nation some hope. Quoting solid economic data is not enough for landlords about to lose their buildings and residents\u2019 homes.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_71bb2b148b90238924b2dd7246d9fcfc\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_a6c0e4f2a32b28ff344539e0031a2b8a\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div id=button-custom-event-block_8138c1ae99f1744ee1c21a5d3379548b class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/high-interest-rates-are-forcing-big-time-investors-to-sell&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/high-interest-rates-are-forcing-big-time-investors-to-sell&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The sudden increase in interest rates has left many experienced&nbsp;commercial real estate&nbsp;owners gasping for air. It&#8217;s a tsunami of woe for landlords who own office and retail space and never [&hellip;]<\/p>\n","protected":false},"author":613725,"featured_media":172378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119,5527],"tags":[],"class_list":["post-172388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily","category-commercial-real-estate-investing"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/172388","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\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=172388"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/172388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/172378"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=172388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=172388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=172388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}