I’m just hoping someone more in the know than me tells me whether this is nothing or the start of the next GFC.

My anecdote is that I’m a runner and I run through my downtown and I see a lot of vacancy and for lease signs and no one down there except homeless people. Doesn’t even feel like people work in the skyscrapers anymore.

Based on who owns the debt, this is nothing. Investors and some smaller banks may take material losses, but this isn't going to lead to systemic failures.