Yes. Those reduced rents won't cover the debt for the inflated building costs though.

I'm guessing most of these building projects were initially financed when interest rates were low. Then they were built with inflated prices. Those commercial loans will come up in the not-too-distant future for refinancing - with higher interest rates. If on the top of that rents and/or occupancy go down, then the companies involved will be in (deserved) trouble.