Cancellations were a major headache for travelers in 2022 with about 181,000 flights scrapped by the largest U.S. airlines. Only 2001, following the 9/11 attacks, and 2020, the start of the pandemic, had more flight cancellations over the past two decades.
Within the next three years, loans are maturing on more than 9,500 office buildings and 17% of all U.S. office stock.
This year will be critical because about $270 billion in commercial mortgages held by banks are set to expire—the highest figure on record. Most of these loans are held by banks with less than $250 billion in assets.
The delinquency rate for commercial mortgage-backed securities increased 0.18 percentage point in February to 3.12%, the second-largest increase since June 2020.
Despite a recent jump in the hospitality sector’s hiring, hotels and restaurants are still understaffed. The accommodation and food-services sector had nearly 1.5 million job openings as of January.
Blackstone has made a big bet acquiring meetings and events technology provider Cvent for $4.6 billion. A fully-owned unit of the Abu Dhabi Investment Authority will become a significant minority investor along with Blackstone in the transaction.
Tiger Global marked down the value of its investments in private companies by about 33% across its venture-capital funds in 2022. The markdowns erased $23 billion in value from Tiger’s giant holdings of startups around the globe.
Word that landlords were withdrawing cash spread rapidly in the close-knit community of New York’s real-estate families, prompting others to follow suit. Regulators closed Signature Bank on Sunday in one of the biggest bank failures in U.S. history. Signature built its business in part through lending to New York developers and owners of multifamily buildings, office towers, retail property and other commercial real estate.
