For most folks the covid-19 pandemic ended years in the past. However not for commercial-property traders and their lenders. Working from dwelling prompted an workplace droop that lasted far longer than masks mandates and lockdowns. Beginning in 2022 aggressive interest-rate rises harm the sector much more, by making mortgage loans far dearer to roll over. The banks that financed it, particularly the smaller ones, have been brutally squeezed as credit score high quality has deteriorated.
