PGIM, Cantor Fitzgerald CEOs Predict Huge Wave Of Deed-In-Lieu Deals, Foreclosures In Office
June 8, 2023 | Matthew Rothstein | Bisnow
Borrowers will soon wave the white flag on a sizable percentage of office buildings across the country, two major CEOs in the sector say.
Of the $1.5T worth of office loans coming due in the next three years, a third will either be foreclosed on or returned as deeds in lieu of foreclosure, PGIM CEO David Hunt told CNBC on Wednesday. Cantor Fitzgerald CEO Howard Lutnick predicted in an interview with Bloomberg that 20% of the U.S. office market will “have the keys handed in.”
