Simon Property Group Jettisons another Mall, to Manage its Way through the Brick-and-Mortar Meltdown by Shrinking and Walking away from Debts by Wolf Richter • Jul 15, 2024 • 86 Comments The largest mall landlord has shed 38% of its shopping centers since 2012. It saw what was coming. So here’s one more.
Who Made or Lost What between Brookfield, Starwood, MetLife? An Office CRE Deal of the Low-Interest-Rate Era Gets Shredded in Foreclosure by Wolf Richter • Jul 8, 2024 • 59 Comments One thing’s for sure: Low interest rates turned investors’ brains into mush.
It Gets Still Messier with CRE Loans, Bottom Not in Sight: CMBS Delinquencies for Office, Retail, Lodging Lead the Parade by Wolf Richter • Jul 2, 2024 • 86 Comments So let’s extend and pretend, please? But industrial still in pristine condition, multifamily limping along.
Fitch Doesn’t See Bottom of Office CRE Mess, Sees CMBS Delinquency Rates Spike Way Past Financial Crisis Peak in 2025 by Wolf Richter • Jun 11, 2024 • 83 Comments A big driver is the “secular decline in the office market” that even slashed interest rates would not end.
CRE Industry Now Frets about Next Existential Threat to Office Towers: AI by Wolf Richter • Jun 3, 2024 • 107 Comments Even more office jobs are expected to vanish, leaving even more vacant space behind.
Nonresidential CRE Loans Are Leaving Skid Marks on Banks by Wolf Richter • May 30, 2024 • 35 Comments They’re only a small-ish part of the banking industry’s overall loan book. But some banks are more exposed than others.
Delinquencies of Floating-Rate Office CMBS Loans Hit 20%, But Fixed-Rate Loans at 4.7% by Wolf Richter • May 2, 2024 • 20 Comments Revenge of the floating-rate CRE loans: Ironically, use of floating-rate office loans ballooned as interest rates rose.
How It’ll Take Years to Clean Up the Office CRE Mess, with Losses Spread Far and Wide by Wolf Richter • Apr 24, 2024 • 80 Comments The Manhattan office tower Blackstone had bought for $605 million in 2014 and walked away from 2 years ago finally changed hands for $200 million, which paves the way for a complex new beginning.
Banks’ Exposure to CRE Loans by Bank Size by Wolf Richter • Apr 13, 2024 • 80 Comments When CRE hits investors, fine, they were paid to take those risks. But we’re a little more squeamish when it comes to banks.
The Biggest Landlords of Single-Family Rental Houses and Multifamily Apartments: Who Owns the US Housing Stock? by Wolf Richter • Apr 9, 2024 • 170 Comments 80% of single-family rentals are mom-and-pop; mega-landlords own just 3%. But mega-landlords dominate multifamily rentals.
