Big banks are more at risk of a commercial real estate meltdown than people think, new study says

• Big lenders are more exposed to commercial real estate than it might seem at first glance, a study says.
• In addition to lending to property owners, big firms also offer indirect lending to REITs, raising their exposure by about 40%.
• Wall Street has been worried about distress in commercial real estate amid high interest rates. 

Leading lenders have greater exposure to commercial real estate debt than typically understood, implying a larger chance of systemic risk, according to a new study.