A commercial real estate report put out by First American CoreLogic flags two areas of concern for the Tampa Bay area.

We're among the national leaders in commercial mortgages that came due in June. That means property owners will have to refinance, sell or pay off their loans, no easy matter in this lousy real estate market.

Tampa Bay had $132 million worth of office building mortgages that matured in June. The maturing debt on local industrial property was even higher, $204 million. (Please note page 2 of the report I link above.).

Why does this matter? If commercial property goes the way of residential property, expect greater strain on the already hobbled banking system. Where office buildings were overbuilt - south Pasco County comes to mind - expect to see a glut of empty cubicles.

Fortunately, with the glaring exception of condo construction, commercial development didn't have a sub-prime segment comparable to that which ails the residential market. Large down payments are routine. That acts as a buffer against depreciation.