Photo: Buildings in the downtown skyline of San Francisco on May 3, 2023. San Francisco's office-vacancy rate soared to a record 27.6% at the end of 2022, compared with just 3.7% before the pandemic. Buildings in the downtown skyline of San Francisco on May 3, 2023. San Francisco's office-vacancy rate soared to a record 27.6% at the end of 2022, compared with just 3.7% before the pandemic.

Companies storming the bond market at a record-breaking pace made one thing clear: They don't expect rates to stay elevated for long.

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