Troubles are coming to the commercial real estate sector, not as single spies but in battalions. This does not bode well for regional banks, which are heavily exposed to that sector. More importantly, it does not bode well for next year’s economic outlook — especially if we were to have a regional bank-induced credit crunch. It would be a gross understatement to say that the COVID pandemic has upended the commercial real estate sector. It has done so by permanently changing work habits; no longer do many employers believe that their employees need to work from the office on a full-time basis. As a result, office vacancy rates have skyrocketed nationally to over 16 percent — a level ex
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