Posted 4/3/2024, 5:50:31 PM
Amazon Letting Office Leases Expire, Joining Remote Work Trend That Threatens Commercial Real Estate
- Amazon looking to reduce office space, letting leases expire to save $1.3B
- Comes as commercial real estate market already struggling due to remote work adoption
- Companies reevaluating real estate needs, using co-working spaces or shrinking footprints
- Trend led Fed Chair to warn of more bank failures from unpaid commercial loans
- Adds to existing woes in commercial real estate from high vacancies in urban centers