How Scared Should You Be About Commercial Real Estate?

Wall Street Journal, June 30, 2023–James Mackintosh (subscription)
So far, we haven’t had any sort of doom loop. Prices are down thanks to higher interest rates—as is normal—combined with the twin problems of work from home hitting office demand and online shopping hitting retail. If recession leads to a big rise in layoffs, expect far worse as firms cut back on the cubicles the newly unemployed used to occupy.