Remote Work Exodus Pummels Commercial Real Estate, But Wider Crisis Unlikely

• Commercial property values plummeting due to remote work, with iconic NYC buildings facing default • $1 trillion in commercial property loans coming due in next 2 years, just as interest rates spike • Banks like NY Community Bank already writing down loans and facing losses • Even if all office buildings lost value, it would only be 25% of 2007-09 housing crisis losses • Overall economy still strong, so commercial property wound is painful but not likely to cause wider crisis