А вот еще один проблемный пузырь

Economists are growing concerned about the $20 trillion commercial real estate (CRE) industry.
After decades of thriving growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall.
Office and retail property valuations have been falling since the pandemic brought about lower occupancy rates and changes in where people work and how they shop. The Fed’s efforts to fight inflation by raising interest rates have also hurt the credit-dependent industry.
Recent banking stress will likely add to those woes. Lending to commercial real estate developers and managers largely comes from small and mid-sized banks, where the pressure on liquidity has been most severe. About 80% of all bank loans for commercial properties come from regional banks, according to Goldman Sachs economists.
“I do think you will see banks pull back on commercial real estate commitments more rapidly in a world [where] they’re more focused on liquidity,” wrote Goldman Sachs Research’s Richard Ramsden in a note on Friday. “And I do think that is going to be something that will be important to watch over the coming months and quarters.”
Recently, short-sellers have stepped up their bets against
commercial landlords, indicating that they think the market will
continue to fall as regional banks limit access to credit. Real
estate is the most shorted industry globally and the third most in
the United States, according to S&P Global.
Отсюда
Рынок коммерческой недвижимости накануне краха. Это 20 триллионов
долларов в США. Проблема в том, что из за удаленки офиссы
становятся ненужными, а высокие ставки по займам из за инфляции
делают индустрию коммерческой недвижимости ещё менее стабильной. И
учтите, все эти местные лендлорды занимают деньги у региональных
банков. Что сейчас с региональными банками объяснять, я полагаю, не
надо.
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