Advertisement"The banks are going to have to dispose of that real estate," Barkham told Business Insider in an interview.
John Vavas, a real estate finance attorney at Polsinelli who works with commercial real estate lenders, has worked on a handful of office-to-residential conversion deals this year.
There's around 1.2 billion square feet worth of office space that could be spun into residential space, Yardi said in a separate report.
Late payments on commercial real estate loans have climbed to 1.42% in the second quarter, the highest rate in nearly 10 years.
Commercial real estate prices, meanwhile, dropped another 9% year-over-year in the first quarter, Fed data shows.
Persons:
—, Richard Barkham, Barkham, RentCafe, John Vavas, Yardi, Vavas
Organizations:
Service, Federal, Silverstein Properties, Washington DC
Locations:
New York, United States, New York City, Dallas, Chicago, Los Angeles