Anyone stupid enough to have variable rate loans long term is going to have huge regrets.
That includes the USA and the Fed mortgage companies like Ginnie Mae and Freddie Mac.
Just depends. When interest rates are effectively zero, variable makes little sense. At today’s interest rates, if you need to borrow taking a variable one could make sense as its likely to be lower in 2-3 years than today. Some of these REITs though believed if interest rates went up, it meant that the rates they charged would likely be higher and it wouldn’t matter. And for a long, long time that was the case. But the pandemic killed demand for office space in much of the country and out went that idea. Many of these would be in trouble with or without variable rates - if not now, when their debt matured.