Morgan Stanley and Wells Fargo, two of America's biggest banks, threw into sharp relief the mounting woes of the US commercial property market yesterday as they reported large losses and surging bad loans.
The disappointing second-quarter results for two of the largest lenders and investors in US office, retail and industrial property confirmed investors' fears that commercial real estate would be the next front in the financial crisis following the collapse of the housing market.
The failing health of the $6,700bn (£4,070bn) commercial property market, which accounts for more than 10 per cent of US gross domestic product, could be a significant hurdle on the road to recovery.
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