Higher interest rates and a loss of confidence in the banking sector have hit commercial real estate especially hard, with both the housing and office sectors poised to feel the chill.
RentCafe found that "overall housing supply can't keep up with demand," especially with over 60% of apartment-dwellers“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,” Richard Ramsden, business unit leader of the financials group at Goldman Sachs, said recently.
"I haven’t seen anything like this since 2008/2009 and in my opinion this may be worse, and nobody seems to know what is happening next. When there’s no clear direction for valuations, it creates instability for everyone participating in the market," he said.: The seeds of the current era were sown during the era of ultra-low interest rates. Now, the chickens are coming home to roost, as banks and commercial lending suffer the consequences.
"This episode highlights the Hotel California nature of quantitative easing – ‘you can check out any time you like, but you can never leave,'" Jason DeSena Trennert, chair and CEO of research firm Strategas, in a note earlier this month. "Unfortunately, this has led the central bank to fill alternative roles as pyromaniac and firefighter.”
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