Commercial Real Estate November 20, 2009 at 7:14 am
CRE prices are off roughly 40% in both the US and the UK.
Delinquency rates are rising, and office rents, even in prestige areas, are falling rapidly.
Deutsche Bank has turned into a casino operator (yes, yes, I know some of you think that this is not news).
John Carney has a nice summary of how we got to this point on Clusterstock, and many think that the future is bleak.
San Francisco Federal Reserve president Janet Yellen — not noted as a panic spreader — said that the prospects for the CRE industry are “worrisome.”
The phrase blood bath has even been used.
Very recently, however, there have been tentative signs of a mild upturn in both the US and the UK.
But, shameless blogger that I am, I am just using this background as an excuse to post a large format double exposure that I think is cute. Sorry. Normal service will be resumed at some point.
“It’s time to scrap the demonization of predatory lending. Commercial real estate proves that we can have mortgage bubbles without predators.” .