Charlie Munger, Warren Buffett’s right-hand man, has warned of a major pullback in lending to commercial property. Around a third is offices, while a fifth is retail, with most of the remainder for industrial purposes. Ever since it became easier to invest in commercial property in the 1960s, the market was landlord-led. SpotifyOffices: Where we’re headingThe number of tenants looking for large stores, shopping centres and big uninviting offices is likely to keep falling. While some property valuations will inevitably depreciate, others will either hold their value or even increase.
