From Calculated Risk:

This is happening all across the country: falling demand [for commercial real estate] and still more office supply coming available as large commercial real estate projects are completed. This means falling rents and property values. And as the construction loans come due, there will be more and more losses for lenders.

From WashingtonPost article cited in Calculated Risk’s blog:

“We may see the commercial version of the subprime situation,” said Steve Silverman, director of the Montgomery County Department of Economic Development.

This was predicted earlier this year by Gerald Celente, founder of Trends Research Institute. The question is, will the effects of this and other situations prove to be as dire as he predicted? We’ll have to see I guess.