The increasing economic uncertainty brought about by the onset of COVID-19 is placing pressure on financial markets across the world; the property sector has not been immune to this. Retailers are struggling to stay open and meet rental obligations; effective rents have declined in most Australian office markets and in some markets sublease space is increasing to levels not seen since the 1990s. These issues and the ongoing uncertainty are impacting loan terms offered to borrowers as credit risk has been repriced and the willingness to lend has decreased. However, such is the desire to invest in Australian property, particularly office assets, there remains a significant weight of capital ready to invest if transactions volumes pick up. So the question is, are lenders open for business?