This might be hard to believe in the wake of Tishman Speyer and BlackRock's handover of New York's Stuyvesant Town/Peter Cooper Village to its lenders, but commercial real estate loans seemed to perform better in the past few months, according to the CoStar Group. Of course, more losses seem inevitable, especially as retailers announce job cuts and continue to close stores. For more on retail and retail real estate, follow the links below:
- The CoStar Group reports that regional banks observed a slowdown in deterioration of commercial real estate loans in the fourth quarter. Regional and community banks are expected to bear most of the losses from non-performing CRE loans.
- Meanwhile, The CRE Review posted an amusing analysis of what are likely to be common misconceptions about commercial loan defaults.
- The Movie Gallery will likely file for Chapter 11 next week, according to The Wall Street Journal. The move could result in up to 1,800 store closings.
- Bloomberg reports that Macy's will lay off 1,500 store-level employees in March. Walmart and Hope Depot have already announced plans to lay off thousands of workers this year.