How empty office space became the new bogeyman on Wall Street
CNN
Remote work can be amazing for employees. Less time in stuffy offices and commuting on crowded highways means more time and energy for everything else in life.
Remote work can be amazing for employees. Less time in stuffy offices and commuting on crowded highways means more time and energy for everything else in life. But remote work is not so great for landlords — or their lenders. Once-bustling office buildings are empty. Inevitably, some landlords will go bust. And banks that lent to developers will get burned. None of this is breaking news. The writing has been on the wall in the $20 trillion commercial real estate market for years — ever since Zoom calls and working in sweatpants became a way of life for many during the Covid-19 pandemic. And yet Wall Street is suddenly freaking out about bad real estate loans and empty office buildings.
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