Dallas area commercial properties are on lenders' watchlists for potential problems.
, which have seen slower leasing and higher vacancy rates since the start of the COVID-19 pandemic. Higher interest rates and tighter lending standards have put even more pressure on some commercial properties.
Morningstar said it added 2100 Ross with more than $86 million in loans to the list of properties on lenders’ watchlist after occupancy in the building fell below 60%. Credit analysts are closely monitoring office properties, which have seen weakened demand during the last few years. Nationwide office prices have fallen in value by more than 2% in just the last 12 months, according to the latest estimates by MSCI Inc.
Morningstar says that the largest Dallas-area property that it’s tracking currently financed with $465 million in debt is thecomplex in Uptown. The Crescent has some of the highest office rents in North Texas and is almost fully leased to a blue chip list of financial firms.
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