The commercial real-estate market is tanking with vacancy rates approaching 20 percent, observes high-tech consultant George Sibble. This is a problem for all of us, he warns, for two reasons.
First, he says, the defaults that are likely to result from this will be much greater than the defaults that caused the 2008 financial crisis. Second, cities depend heavily on commercial real estate for tax revenues. Despite his arguments, I believe this is more of an opportunity than a serious problem. Continue reading
