In the last few days articles have appeared at Time, MSNBC and Fortune boasting about various aspects of a brewing commercial real estate recovery. John Reeder over at Marketwi.se warns us that this might be a reason to worry given the mainstream media’s track record of calling booms or busts at exactly the wrong times. Time’s piece appeared first. It’s an interview with Mike Kirby, chairman of Green Street Advisors, that asks if commercial real estate is bouncing back. This whole premise that commercial real estate is “the next shoe to drop” is overstated. Clearly, we have problems, since there are many mortgages out there that were underwritten using very aggressive assumptions, and those will be difficult to refinance.
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