"Commercial Real Estate: The Varied Impact on Office Markets"
The pandemic's impact on commercial real estate is leading to significant price markdowns on office buildings across the United States, as remote and hybrid work trends continue to hollow out urban centers. This decline in property values is causing cities to face budget shortfalls, as they rely on taxes associated with valuable commercial properties. San Francisco, for example, is anticipating a $1 billion budget shortfall over the next few years due in part to lost commercial real estate tax revenue.