Commercial real estate owners in hubs like New York, San Francisco, and Hong Kong are handing keys back to lenders for properties worth less than the debt secured against them.
Unibail-Rodamco-Westfield said late on Monday it will transfer its Westfield San Francisco shopping mall to lenders as the shopping center continues to face declining sales, occupancy and foot traffic.
The study predicted that rates would plunge even further later this year as prices are certain to go down the drain. When Salesforce — a software company that’s San Francisco’s largest private employer — has made three separate announcements since 2020 of plans to slash the office space it owns in the city.
Mark to market was a tactic used in the savings and loan crisis of the ’80s and ’90s, Bordwin told The Post, where stress debt was cleared by asking, “Who will buy this at what price?”
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