The most significant news for the sector was Capmark's bankruptcy filing. It was talked about over the weekend and became official this morning. Here is the Wall Street Journal's report.
Here are some other news and notes from around the web.
- CoStar took a look at how the FDIC is preparing to bailout small banks as a result of the deteriorating commercial real estate loan portfolios on their balance sheets. Overall, 106 banks have failed in 2009 and commercial real estate is increasingly a culprit. This is something we touched on in our newsletter last week.
- Microsoft's much ballyhooed new store opened last week. Here are a few different reports on the opening.
- NetLeaseNation had some thoughts on the whole is the "commercial real estate shoe" dropping meme. The message that is out there is a bit scattered. For example, this report from CNN is very much in the "commercial real estate is going to collapse" vein. There's no disagreement that commercial real estate faces major problems. The questions--can the system take the shock? Banks will fail, but can the FDIC handle it? Or are we looking at another September 2008-style collapse? And can the investment banks handle any losses in their securitized mortgage pools? I'm thinking the crisis will fall short of what we saw in 2008 and I think we're deep into it already. It's not a looming threat, but something that we're dealing with everyday already. And by and large the industry is getting through this. Not every company will emerge unscathed, but we're not looking at a wholesale collapse
- Lastly, on the lighter side, the Wall Street Journal has a feature looking at how there's an annual pilgrimage to the Monroeville Mall in Pittsburgh where people dress as zombies. The mall is where George Romero's horror class Dawn of the Dead was filmed more than 30 years ago.