Bies-Fed monitoring commercial real estate, credit

US - The U.S. Federal Reserve is monitoring rapidly growing vacancy rates in commercial real estate and a surge in consumer credit, Fed Gov. Susan Bies said on Thursday.

Bies said more and more office space was becoming available because of job losses Reuters reported. Rents have declined by 30 to 60 percent in some metropolitan areas, she said.

Growing commercial real estate vacancies have prompted concerns at the Fed about cash flow for property owners.

Bies, speaking at an accountants' confer

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