Amazon is reportedly looking to reduce its office vacancies and save $1.3 billion in the process by letting leases expire, negotiating early terminations, and ending the use of some floors in its current offices.
The commercial real estate market has faced challenges since the Covid-19 pandemic, with remote work adoption leading to decreased demand for office space and high vacancy rates in urban centers.
Fed Chair Jerome Powell highlighted risks in the commercial real estate sector, mentioning potential bank failures due to loans made on buildings with many empty offices.
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