Cracks in US commercial property markets are spreading. Over-leveraged and underused office buildings in New York and San Francisco are starting to trade hands at knockdown prices. Banks are being forced to mark down loans to realistic levels. Provisions and losses are growing. US regional banks are most exposed but lenders in Europe, particularly specialist German real estate banks, are also on the hook.
美國商業地產市場的裂痕正在蔓延。在紐約和舊金山，杠桿率過高和使用率過低的辦公樓開始低價出售。銀行被迫將貸款減計到現實水平。準備金和損失不斷增加。美國地區性銀行的風險敞口最大，但歐洲的貸款機構，尤其是德國的專業房地產銀行，也在劫難逃。
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