CRE Panic Hits Baltimore As Second Office Tower Dumped At 69% Discount t.co/MyjQjAISAQ
— zerohedge (@zerohedge) July 20, 2023
On Tuesday, we asked: Is this the start of a commercial real estate firesale in crime-ridden Baltimore City?
And to our surprise, it appears so.
Let’s begin with our report on Tuesday when The Baltimore Sun revealed a 30-story office tower at One South Street in downtown Baltimore that was sold in June for $24 million, a 63.6% discount versus the tower’s 2015 sale of $66 million. This was the first sale of its kind in the post-pandemic era.
www.zerohedge.com/markets/baltimore-hit-office-tower-price-crash-firesale-erupts
We’re in the early innings of the Commercial Real Estate crisis.
Lockdowns, pervasive remote work, unsafe city centers, skyrocketing interest rates…a perfect storm against CRE… pic.twitter.com/gtRETu68A2
— Steve Cortes (@CortesSteve) July 17, 2023
h/t Simian_Stacke
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