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Opinion: Banks and the Commercial Real Estate Challenge

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Abstract

Even though years have passed since the major disruptions of the COVID-19 pandemic, it's clear that demand has been hard hit for some types of commercial real estate — especially downtown office buildings. Researchers at the Richmond Fed surveyed employers in March and found that more than a third expect employees to be on site three days a week or fewer. Asset values have adjusted accordingly to this change in demand. One measure of these price declines comes from publicly traded office real estate investment trusts (REITs), where values have fallen by more than 30 percent since early 2022.

Suggested Citation

  • Anna Kovner, 2024. "Opinion: Banks and the Commercial Real Estate Challenge," Econ Focus, Federal Reserve Bank of Richmond, vol. 24(4Q), pages 1-32, October.
    • Handle: RePEc:fip:fedrrf:99010
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2024/q4/opinion.pdf
    File Function: Journal Article
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