‘Zombie’ buildings abandoned during commercial real estate ‘apocalypse’

By Shannon Thaler | June 23, 2023 12:43pm 

Inflation in the new era of remote work is creating a global commercial real estate “apocalypse” where zombie properties sit vacant and owners with loans coming due hand their keys back to lenders, according to experts.

“The apocalypse that’s facing commercial real estate at this moment is all about interest rates and debt maturities,” Harold Bordwin, a managing director at Keen-Summit Capital Partners, a New York firm specializing in assisting distressed properties, told The Post.

“Even if you have a building that had all of the same tenants and all of the same income it had three years ago, if your debt is maturing today, you have a real problem,” Bordwin added.

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