“We believe this is worse than consensus expectations for 5-15% declines and that we are ~75% through correction," KBW wrote.
The firm cited Seattle, Austin and Phoenix as particularly at risk alongside San Francisco, New York, and Washington, D.C.
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Keefe, Bruyette & Woods, the investment banking firm owned by Stifel, has predicted a correction that will see commercial real estate values drop by 10% to 20% as volumes slide by 30% to 40%. So reports GlobeSt.com.
“We believe this is worse than consensus expectations for 5-15% declines and that we are ~75% through correction," KBW wrote.
The firm cited Seattle, Austin and Phoenix as particularly at risk alongside San Francisco, New York, and Washington, D.C.