NEW YORK CITY—Whatever positives open-plan office spaces have for worker productivity and tenants’ bottom lines, they’re likely to put more pressure on owners and, by extension, the CMBS making loans in the sector. So says Fitch Ratings, which also notes that office led the way for CMBS defaults in 2013, the third consecutive year it has done so.

“According to a survey by CoreNet Global, companies allocated 225 square feet per employee in 2010,” says Mary MacNeill, managing director for CMBS at Fitch. That allocation fell to 150 square feet or less per worker by last year, a reduction of approximately one-third.

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