Commercial real estate is becoming a 'Tale of Two Cities' amid banking crisis

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Commercial real estate relies heavily on regional and local banks for credit loans, according to research from MSIC. That reliance has cast a shadow over the sector amid the fallout from the nation’s second and third largest bank failures in history. But Joseph Coradino, Pennsylvania Real Estate Investment Trust’s CEO argues not all commercial real estate is created equal. Offices are facing unprecedented vacancies after the COVID-19 pandemic, with office spaces available for lease for rising above levels less seen after the Great Financial Crisis, according to data from CoStar. Meanwhile Coradino isn’t seeing trends change for retail real estate demand. Traffic has risen seven percent compared to the year prior at Pennsylvania Real Estate Investment Trust properties. Above, Coradino discusses the ‘tale of two cities’ between retail and office real estate with Yahoo Finance’s Seana Smith and Dave Briggs. Key video moments 00:00:05 - Access to credit for commercial real estate companies 00:01:10 - Why offices are worse positioned than retail
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