[lotsofpulp]

I think it is because property (specifically land value) taxes are far too low.

The under taxation of land results in land owners squatting on it without doing anything that society benefits from.

[lamontcg]

It is also because loans are still locked in to ZIRP-era rates. That keeps the cost of capital low and businesses that own those properties have a lot of room for them to be wildly unprofitable. It will take awhile for those loans to roll over to higher rates.