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The party is over in commercial real estate. Here’s what to expect in 2023.

An era of cheap debt that helped lift prices on hotels, office buildings and other U.S. commercial properties to dizzying new heights has ended.

Borrowers thirsty for financing have watched mortgage rates roughly double in 2022 from the 3% lows, spillover from the Federal Reserve’s inflation fight that could cost several million people their jobs.

Higher financing costs already were a concern for 2023, with billions of dollars worth of older commercial mortgages coming due. Adding to the woes, top tech titans, including Meta Platforms META, -0.31%, in recent weeks have retreated from splashy office leases.


Photo by Tiger Lily / pexels


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