27-05-2020, por Jennifer Shea
The Commercial Real-Estate Market’s Impending Crash
Can another 2008 be averted?
Hilltop Mall, Richmond, California.
(..) Malls are in trouble as a result of the pandemic, but many were already struggling. That creates a dilemma for small towns across the country, because, as the architecture critic Philip Nobel noted in Landscape Architecture Magazine, in many places malls constitute the only public square available to citizens. Since the middle of the twentieth century, malls have taken on the role of civic center in otherwise desolate cities. Only recently has e-commerce threatened that status, driving weaker shopping centers out of business.
A wave of mall loans is set to mature in the next two years. If shopping mall owners are unable to pay off their loans, it could trigger a crisis that will lead to shuttered malls, which will in turn affect banks and pension funds that have invested in mall CMBS. (Continua)