Part 3/8:
The Economic Context: A Commercial Real Estate Crisis
The push for transformation comes amidst a backdrop of a deepening crisis in commercial real estate, an industry facing massive losses and uncertainty. Since 2020, commercial property values have plummeted, with vacancy rates at historic highs—reaching around 22.2% in New York City in the first quarter of this year. Experts warn that this trend is not temporary; the market is experiencing a structural shift that could precipitate a banking crisis.