This is across the pond, where the there has been a £1.15 billion default on bonds for 9 office buildings in downtown London.

The value of the properties has declined 50% from peak.

We will see a lot more of this in commercial real estate, particularly since most of the loans are relatively short term, typically about 5 years, and the note will come due, and there will be no opportunity to refinance, because the value of the property has fallen.

H/t Calculated Risk