Last year, we spoke with Rich Hill, head of real estate strategy and research at Cohen & Steers, about where stress was building in the $20 trillion market for commercial real estate. Fast forward to today and the doomsday scenario in commercial real estate just hasn't played out like a lot of people thought it would. Defaults have increased, but they aren't disastrous. And some measures of CRE have even been rallying in recent months. So what's driving this surprising resilience? Hill sees it as a 'prisoner's dilemma' where lenders and borrowers have agreed to amend and extend loans in order to both benefit and buy some time. But how long can that continue? And what does the CRE market need to see in order to mount a durable recovery?

See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts
Check out more Odd Lots:    • Odd Lots  

Get the Odd Lots newsletter via https://www.bloomberg.com/account/new...
And for all things Odd Lots, visit https://www.bloomberg.com/oddlots

Visit our other YouTube channels:
Bloomberg Television:    / @markets  
Bloomberg Originals:    / bloomberg  
Quicktake:    / @bloombergquicktake  

#Bloomberg #Podcast #OddLots

Visit us: https://www.bloomberg.com/podcasts

Follow Bloomberg Podcasts on Twitter:   / podcasts  

For coverage on news, markets and more: http://www.bloomberg.com/video