Bankruptcies are becoming a big topic, and that's bad news for commercial real estate for a few reasons.
Corporate profits started to dip earlier this year. S&P Global Market Intelligence said last month that July corporate bankruptcy filings pushed the country past the total number of bankruptcies in 2022. The drumbeat is getting louder.
"US corporate bankruptcies filed year-to-date have exceeded annual totals for both 2021 and 2022 as companies continue to face high interest rates and a tight labor market," wrote S&P Global Intelligence last week. "S&P Global Market Intelligence recorded 459 bankruptcy filings in 2023 as of Aug. 31, more than the full-year totals for 2021 and 2022. The year-to-date figure is also higher than the comparable total for all but two of the prior 13 years."
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