Commercial real estate will suffer a recession if banks don't start lending again, warns property billionaire Ross Perot Jr.
have sounded the alarm on commercial real estate in recent weeks. The catalyst for their concerns? The Fed hiking interest rates from nearly zero to upwards of 5% since last spring in an effort to curb inflation.
Higher rates encourage saving over spending and raise borrowing costs, which tends to pull down asset prices. That's because investors can earn solid, guaranteed returns from bonds and savings accounts, which erodes the appeal of riskier assets such as stocks and real estate. Meanwhile, consumers are facing historic inflation and higher monthly payments for their credit cards, car loans, mortgages, and other debts. If consumer spending falls as a result, a recession may set in, which tends to be bad news for most industries.
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