We are seeing more commercial mortgages in distress every week,” said Ira J. Friedman, COO of Guardian Solutions.
Not since the early 1990s have we observed this perfect storm of deteriorating rents and occupancies, deflating sales prices, and tight credit that’s leading to a lot of defaults,” said Victor Calanog, director of research at Reis, a New York-based real estate research organization. “
With close to $3.5 trillion of loans outstanding and at least 12 to 24 more months of rent declines, I expect to see more commercial properties defaulting on loans.”
