Is commercial real estate the next disaster waiting to happen in the Tampa Bay area? Some think so.

A new report put out by First American CoreLogic said our region is a national leader in commercial mortgages that came due in June. That means property owners 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 mature in June. The maturing debt on local industrial property was even higher at $204 million.

If commercial property goes the way of residential property, expect greater strain on the banking system. But most local real estate brokers don't appear to share the doom and gloom: Developers avoided the overbuilding that plagued the commercial market in past recessions.