commercial real estate

“On your point of commercial real estate, Jake, I actually think it just brings the utilization down, but I'm not sure it destroys it because I think people need the physical plant.”

“That's the next shoe to drop, just like the commercial real estate is the next shoe to drop.”

“So I think there's three phases to this financial crisis. We're in phase one, and I think CRE and government debt are the next two phases.”

“Take San Francisco, which has got to be the worst market for Siri in the country right now. That's something like 30 to 40% of the space is vacant.”

“But if rates are going to be higher longer, That strategy is not going to work, and you're going to see more and more real estate sponsors throwing in the towel, and banks are going to end up foreclosing on these properties, and you're going to see more and mo…”

“One of the reasons why a lot of these buildings are empty is because the equity holders don't have an incentive to put in more money to do the TIs necessary to sign new tenants. So you got these zombie buildings that even if there was a tenant who wanted the s…”