TGP reported previously on the commercial real estate sector.
The beginning of the end of the Biden economy is here. Americans are suffering under record inflation, increased lending rates, and ultimately banks failing.
Now the banks have to contend with the commercial real estate collapse in historic proportions.
The best commercial real estate is rated class A. This is the best commercial real estate that is expected to maintain its value and more likely grow in value. But this isn’t happening in the Biden-Obama economy.
One example is a pair of class-A office towers in California that recently sold at a 36% discount.
According to Bloomberg, the loan was transferred to a special servicer working with “the borrower to execute a pre-negotiation agreement and to determine the path forward.”
Real estate data firm Green Street said DC office space values had slid 36% through March compared with a year ago due to rising vacancies amid the rise of remote and hybrid work post-Covid.
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