Commercial Real estate Problems
2010 February 22
Goldman Sachs recently raised its estimates for total losses on commercial mortgage loans to $287 billion, of which %180 billion, or 63 percent, will be absorbed by commercial banks.
But vacancies have been rising sharply, especially for apartments, retail and industrial space. Goldman Sachs now predicts that asset prices will fall in the range of 40 percent on average. Rents are dropping at a 9 percent annualized rate, the worst decline on record.
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Now the commercial real estate business has some figuring out to do. I can’t remember the time when it was booming, but if you look around, business have to leave because their rent isn’t exactly the cheapest expense they have!
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