An analysis by The Business Journals found $10.3 billion in commercial property value has disappeared among a sampling of 599 loans on properties nationally facing some amount of distress.
More than $10 billion in commercial property values have been wiped out among a sampling analyzed by The Business Journals of hundreds of commercial properties facing distress since Covid-19. The data shows fallout from the pandemic on the commercial real estate sector remains, for specific property types, in free fall.analysis found $10.3 billion in commercial property value has disappeared among 599 loans on properties nationally facing some amount of distress.
Two dozen loans saw valuation losses in excess of $100 million since issuance, and nine of those properties are real estate owned, or REO, which refers to a property owned by a lender after an unsuccessful foreclosure auction. The 610-room JW Marriott Chicago hotel is one such example, with lender Wells Fargo & Co.
Although travel and retail have both rebounded since the pandemic, 194 of the 599 deals that've been reappraised since the pandemic with a valuation loss are associated with retail properties, while 177 limited- and full-service hotels are on the list. Eighty-nine loans backed by office properties facing distress have seen their valuations shaved, for a net loss of nearly $1.9 billion.
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