How Employee Preferences Are Impacting Commercial Real Estate

By KIMBERLEY HAAS Remote work is being blamed for empty downtowns and looming bank failures but commercial real estate experts say the reality is employers are looking to lease the highest quality office spaces – leaving less desirable locations vacant – because that is what employees want. In March, Federal Reserve Chair Jerome Powell said because of the shift to remote work, he expects some smaller and medium-sized banks to fail due to their exposure to the commercial real estate sector. He was speaking before the Senate Banking Committee during a hearing on the Fed’s monetary policy. “In many cities, the downtown office district is very underpopulated. There are empty buildings in many major and minor cities. It also means…