From Fortune:

The commercial real estate market is experiencing substantial distress due to higher interest rates in 2023. Research firm Capital Economics estimates a $590 billion loss in commercial real estate property values this year. The office sector is particularly hard hit, with Raichura predicting a 40% peak-to-trough decline by the end of 2025. As borrowing costs rise and rents flatline, the distress is likely to continue next year.



Read more: What’s next for commercial real estate?