[watters]

Very large household-name companies often own or otherwise control significant amounts of commercial real estate, which sit on the company's balance sheet.

If commercial real estate in general loses value, the value of these assets is also reduced, which will eventually be reflected on their balance sheets.

Even in cases where the real estate is leased rather than owned, the future rents owned are liabilities that are also a part of the companies' financial reports. If the demand for commercial real estate goes down, they won't be able to fully offset liabilities by subletting or selling their commercial real estate, which will show up as losses, write offs or write downs.