George Washington’s Blog 
Saturday, Dec 13, 2008
I am hearing first-hand stories from some top people in the commercial real estate business that the market is crashing.
Even the big boys – big mall-owners and the owners of office buildings – are losing their financing, and can’t to deals.
The Wall Street Journal  wrote about the looming commercial real estate crisis in November, leading off with the quote “The next tsunami to hit will be the commercial real estate market”. Bloomberg  and others have covered it. Stories of defaults by the owners of shopping malls are everywhere  (and see this ). Some urban regions are experiencing commercial vacancies of 15 percent to 20 percent .
I’m hearing the same thing from the horses’ mouths.