Almost all office building and shopping center loans are non-recourse, meaning that with a few limited exceptions the owners of the entities owning the properties can walk away free and clear. This is going to be a real problem for banks, insurance companies, pension funds and REITs that have interests in loans on those properties. We have not seen anything yet.
I hate debt as an investment. I figure the fat cats have scarfed up all the good deals, leaving the lesser stuff for the retail investors.
The best you can do with that is your crummy 3%, while you risk losing everything.