Early 1990s Boston office bust
Boston's office market crashed in the early 1990s after a decade of overbuilding. Vacancy rates topped 20% and many towers went into distress, including properties developed by Cabot, Cabot & Forbes, which built 100 Summer St.
Banks took back dozens of office buildings; the market took years to recover.
Led to a more cautious lending environment and a slow recovery through the late 1990s.
The last time Boston saw a wave of office foreclosures, and a reminder that office markets can take years to bottom out.
