The Impact of Interest Rates on the Commercial Real Estate Market

Short term rates in the UK are over 5%. You know where they were a year ago? They were zero. And you know what they don't have in the UK? Fixed rate mortgages. So, but in commercial everywhere, nobody has 30 years really. It's a lot of short term debt, five year debt. A lot of that stuff is maturing. Your rents are collapsing. Now that also has broader implications for the banks and other lenders who are not going to get repaid because a lot of this commercial real estate has debt attached to it.