How much of a risk does UK CRE debt pose?

The UK commercial real estate (CRE) debt market seems to be in a better position than the US, where troubled regional banks were the main providers of finance. That said, credit conditions are also set to tighten in the UK which will make refinancing more of a challenge, particularly for offices where capital values have fallen by 15% since 2018. That implies the recovery in commercial investment will be slower.

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