What happens to lenders in the office market, where single tenants today are rare?
In March of 2008, Bear Stearns failed and was bought by JP Morgan Chase for $10 per share. The stock had hit a 52-week high of $133 a share.
Packaged were a number of risky home loans with their blended interest rates serving as a return for the offerings. When borrowers stopped paying, the securities went bust and the whole house of cards collapsed. Depositors place money needed for short-term future operations such as payroll, rent, mortgage payments and salaries. The expectation is the money will be there when needed.
Simply: Banks make loans to commercial real estate borrowers. These borrowers range from those who own and occupy the buildings from which they operate to owners of high-rise office buildings loaded with tenants. But what about the latter example of a high-rise office building? Much has been written here about the flux office tenants have experienced with hybrid and virtual workforces.
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