Callanan continued: " ... which intentionally pushed investors out of safer assets like bonds and into alternatives like private equity, malls, and warehouses." 

The journalist penned the note titled "The CRE Crash Is Part of the Price of Global Quantitative Easing" following the latest CRE rumblings with loan losses, reserve build, and dividend cuts announced by New York Community Bancorp, a regional bank with high exposure to multifamily and CRE lending across NYC. Also, sizable credit losses and/or write-downs of US CRE sparked chaos for lenders in Japan, Germany, and Canada as the dominoes began to fall. 

Furthermore, Callanan referenced a National Bureau of Economic Research report revealing that 45% of all office loans are underwater. This report also cautioned that upwards of 300 regional banks could face solvency runs due to CRE turmoil at the end of the third quarter. 

In a report last week, research firm Green Street estimated that appraised property values could sustain another 10% to reach fair valuations, which is bad news for lenders, particularly smaller ones with weak balance sheets. 

X user Triple Net Investor posted the latest CRE catastrophe: "A 262k sq ft building in Ohio has just sold for $2.4 million, or $9 per sq ft." 

X user said, "Yes, that's not a typo - it literally sold for $9 per sq ft." 

"The commercial real estate 'correction' has gone from concerning to an outright apocalypse, primarily impacting office properties in most cities across the US," the user explained.