Big corporate landlords like Blackstone are defaulting on mortgages of commercial property across America. Resulting in 90% declines in values in some cases, especially in cities like Las Vegas.
Where Blackstone is nearing default on a 1.4 million SF office complex. One of several big properties than Blackstone has stopped making payments on and could hand back to the lender.
These defaults are causing commercial property values to drop. With offices down 35% from peak and apartments down 30%. In cities like San Francisco office values are down by nearly 60%. Indicating a huge crash in the commercial real estate market.