, sparked by a wave of upcoming refinancings of commercial real estate loans at much higher interest rates than in the past, could send stocks spiraling and the economy into a recession.
. According to Hartnett, office occupancy rates are still less than 50% as work-from-home trends persists. , which tracks a portfolio of bonds backed by commercial mortgages, is trading well below the lows seen at the height of the COVID-19 pandemic in March 2020, and is just 6% above its lowest levels since the inception of the fund in 2012. trading at its lowest level since 2009, down about 68% from its record high reached right before the pandemic began.
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There are way too many commercial real estate properties and not enough housing!!