Last week Boston Fed President Eric Rosengren was interviewed by Bloomberg for his thoughts on how the pandemic will affect commercial real estate. The Fed, as it happens, already weighed in on the subject last month, noting in its bi-annual Financial Stability Report that CRE may undergo substantial repricing due to the economic disruption caused by the pandemic.
In his interview Rosengren spoke of the major shift the industry is expected to see as a result of the pandemic, honing in on the changes that will result from an expected permanent shift to remote work for many companies.
The office sector, obviously, is expected to feel the effects, but Rosengren raises another asset class that could find itself struggling with this trend as well: downtown multifamily.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
