The Commercial Real Estate Tsunami Just Shifted Into Another Gear

June 14, 2023

by Michael Snyder The Economic Collapse Blog

What is going to happen to our banking system as trillions of dollars worth of commercial real estate loans go bad? Many months ago, I warned that the greatest commercial real estate crisis in U.S. history was coming. At the time, a lot of people didn’t believe me and that was fine. As with so many other things, all I needed to do to be proven right was to wait. Sadly, a commercial real estate tsunami is now here, and it appears to be accelerating even faster than many of the experts had been anticipating. Just within the past few weeks, there have been several more high profile defaults, and San Francisco has become the epicenter of this crisis.

On Monday, we learned that Westfield has decided to purposely default on a 558 million dollar loan on the San Francisco Centre mall…