Odd Lots

Where Stress Is Showing in the $20 Trillion Commercial Real Estate Market

Mar 20, 2023

Rich Hill, head of real estate strategy & research at Cohen & Steers, dives into the $20 trillion commercial real estate market. He discusses how higher interest rates and a slow return to pre-Covid office occupancy are causing significant stress. The conversation highlights various asset classes, illustrating stark differences in performance between urban centers and Sunbelt states. Rich explores the challenges of refinancing amidst economic pressures and the complexities of property valuations in this shifting landscape.

43:06

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Episode guests

Rich Hill

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Episode notes

Intro

3min

Exploring the Diverse Ecosystem of Commercial Real Estate

4min

Understanding Market Divergence in Commercial Real Estate

6min

Valuation Dynamics in Commercial Real Estate

12min

Analyzing the State of Commercial Real Estate Amidst Economic Pressures

4min

Navigating Commercial Real Estate Refinancing Challenges

16min

Exploring the Dynamics of Commercial Real Estate Amid Interest Rate Hikes

2min

Markets are suddenly on edge due to strains in the financial system. But banks aren't the only source of stress. Pockets of the commercial real estate market — which is worth around $20 trillion — are showing cracks as well. Higher interest rates are one factor, but also a lot of commercial office space is still not at pre-Covid capacity levels, putting pressure on income. So where are the trouble spots? And who is holding the bag? On this episode of the podcast, we speak with Rich Hill, head of real estate strategy & research at Cohen & Steers, about the state of the market.

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