As narrated in my latest post, the US office (commercial space) is grossly oversupplied with vacancy rates at 20% for the large cities. For places like Atlanta, Washington and Los Angeles, the office vacancy rate is slightly above 20% and he worst hit in the office glut. Unfortunately for Manulife, 44% of its current portfolio are based in these 3 cities. These were the properties which experienced the largest drop in valuation in the recent exercise as well: What's Next for ManuLife REIT As said in its Q&A, while Manulife REIT is considering a rights issue, it is constrained by the 9.8% ownership limit. If Manulife is unable to participate in the rights, it is unlikely many shareholders will participate in it as well and the rights raising will raise insufficient cash to bring its debt Offloading Assets In my view, this is now the more probable scenario where the REIT will offload its assets to the sponsor....