For months, if not years, panic-inducing headlines have lamented the existential crisis facing the U.S. office market as a “wall of maturities” looms: $2.2 trillion of commercial real estate debt coming due between now and the end of 2027, according to Trepp estimates. Rather than sell at significant losses or refinance into interest rates that currently stand at 23-year highs, many office owners are clinging to backward-looking valuations calculated during cushier times by asking lenders for extensions—often granted only in the short-term—on loans that would otherwise mature.