Brace for a real-estate recession as commercial property will be the next domino to fall in the US, says top Guggenheim and Apollo execs
Brace for a real-estate recession as commercial property will be the next domino to fall in the US economy, according to top executives at Guggenheim Partners and Apollo Global Management.
According to data cited from Trepp by JPMorgan, nearly $450 billion in commercial real-estate debt is due to mature in 2023 - meaning a final payment on those loans are due. Against that backdrop, US regional banks have become an area of concern given their large exposure to commercial real-estate sector.
"The private market hasn't started to heavily mark down real estate," Kleinman told the Financial Times."The equity will be first. That's the next shoe to drop in the US. Like everything else, it has been priced so tightly and there hasn't been a commercial real-estate crisis in the US since the '90s," he added.
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