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Bloomberg Businessweek Weekend - June 23rd, 2023
Bloomberg Businessweek
The Importance of Extending and Pretending in the Real Estate Market
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The property market in the US alone, at least, most of the distress that we're seeing is concentrated in offices. A lot of these owners, even the biggest ones from Brookfield to Blackstone to PIMCO, they were just walking away from these properties and cutting their losses. "Let's extend and pretend" was an old cliche in the real estate world; it has worked before. The question is, does it work again in this period where you have this interest rate shift that has been so abrupt?
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