Transcript: Where Stress Is Building in the $20 Trillion Commercial Real Estate Market

There's plenty to be anxious about right now in the financial system. But something you may want to pay more attention to is commercial real estate. It’s a heavily-levered, $20 trillion industry that has enjoyed roughly four decades of declining interest rates. Now the rate story is reversed. And on top of the higher rates, for the office sub-sector, income is under threat due to people working from home. So how bad will it get? What are the industry’s financing needs? And who is holding the bag? On this episode of the podcast, we speak with Rich Hill of Cohen & Steers. The transcript has been lightly edited for clarity.