U.S. lawmakers today expressed anxiety about the future of the
commercial real estate industry. Joint Economic Committee Chairman Rep.
Carolyn Maloney said at a hearing that the “time bomb is ticking” for
commercial real estate. Lending for commercial projects has stalled and
many are concerned that developers will be unable to refinance $400
billion in commercial real estate debt that is coming due this year.
Commercial real estate nationwide is worth about $6.7 trillion and has
about $3.5 trillion worth of debt. [more]