Over a trillion dollars in equity wiped out as China, Canada dump commercial property. Who’s next?

China and Canada are major sellers of commercial real estate in key cities such as New York, Los Angeles, and London. Even prime properties, such as in Lower Manhattan, are being dumped at huge discounts. This is wreaking havoc with landlords, lenders, and municipal governments who are marking down the values of buildings, loans, and tax assessments. Over a trillion dollars in global equity has already been wiped out, but we are only in the early stages of what will be a long and deep depression in the commercial property market, especially in major US cities. Office utilization rates have not come close to pre-pandemic levels. Since, spiraling crime rates, homelessness, shoplifting, and migrant crises in the US and Europe have plagued the inner cities, pushing other businesses out. Soaring borrowing costs are also creating huge problems for the large volume of CRE loans that must be rolled over in 2024-2026. Making these problems worse still, is how the collapsing downtown property v