Commercial Real Estate Risks Signal Systematic Crisis Looming.

Scott Rechler, a board member of the New York Federal Reserve and CEO of RXR, has warned of potential systemic problems in the commercial real estate finance market, with $1.5tn in debt set to mature in the next three years. Rechler has called on the industry to work with authorities to avoid a crisis, and has joined the Real Estate Roundtable in calling for a program that provides lenders with flexibility to work with borrowers to develop responsible refinancing plans. The real estate sector has been hit hard by Fed rate rises and the shift away from in-office work during the pandemic.