Commercial real estate's cataclysmic crash is underway and there's now a 'huge class of zombie buildings,' says top executive
"They're not sounding the alarm, they're ringing the bell when the horses are all out of the barn," he told"What's happening in the office sector is apocalyptical. We're creating this huge class of zombie buildings, buildings that no one wants to put any money into because the capital structure is broke," Cordova added.
The Federal Reserve has raised borrowing costs from near-zero to over 5% over the past 15 months – and that's weighed on property valuations because it becomes more expensive for prospective buyers to take out a mortgage.also led to the collapse of other regional lenders, creating a liquidity crunch that many expect to further hurt commercial real estate.
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