Can there ever have been a death more comprehensively foretold than that of US commercial real estate (CRE)? The sector’s prophets of doom had been hyperactive long before the most recent turmoil in regional banking.
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And why not? After all, there have been many indicators flashing red. The stock prices of real estate investment trusts (Reits) are falling sharply, as are those of some regional and smaller banks, which carry the bulk of bank lending to CRE.
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