Market Extra: Office property woes could be tip of iceberg if credit freezes up as $1 trillion bill comes due

Creditors eager to avoid steep losses on half-empty office buildings in the wake of the pandemic have been sending chills through the rest of the roughly $5.5 trillion commercial real-estate debt market.

A year ago, property prices in this roughly $3.2 trillion slice of the U.S. commercial property market were climbing, even as executives struggled to coax more staff back to offices.

A…