The crashing office market will deepen the economic 'doom loop' for America's cities, economist says

• Some of America's largest cities risk falling into an economic "doom loop." 
• Cratering demand for office space will exacerbate problems for US cities, one Columbia economist says.
• Midsized cities could see higher tax rates and plunging property values as office demand falls.

Some of America's largest cities could be on the verge of an economic "doom loop" thanks to the crashing office real estate market, according to one Columbia economist.

Stijn Van Nieuwerburgh, a real estate and finance professor at the Columbia School of Business, has sounded the alarm for months on large to mid-sized US cities. That's thanks to work-for-home trends, which have battered the commercial real estate market in hubs like Atlanta, Chicago, and Denver.