Can't get much worse than 80-90% losses on commercial property documented over and over in the USA. More coming - in fact a tsunami of commercial property loans falling due the next 6-9 months, many of which are deferred from last year.
They can't pay and the banks that lent to them can't recognise the losses either as close their doors for ever will be the result. Japan tried to stall this - still trying to fix it some decades later.
Australia has the vacancy problems to a lesser extent and sounder lending practices. But not that much better.
