Appraisals this year on more than 100 struggling buildings with commercial mortgage debt showed property values fell 27% on average, according to a Many hotels and retail stores have seen a significant drop-off in occupancy, hitting revenue and property values. The pandemic has emptied commercial real estate across the country as Americans stay home, shop online and avoid offices. Some bonds have fallen to anywhere from 70 cents to 50 cents on the dollar depending on the industry and credit rating, bankers said. Treasurys climbed to nearly 20 percentage points as of Thursday, according to data firm Trepp, to their widest levels since the financial crisis. The extra yield, or spread, investors demand to hold an index of double-B- rated CMBS bonds over 10-year U.S. Prices on lower-rated commercial mortgage bonds nationwide have fallen in recent weeks. Nationwide, signs of stress are mounting.
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