US Federal Reserve Chair Jerome Powell testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill in Washington March 7, 2024. — Reuters picWASHINGTON, March 10 — The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans — in turn putting pressure on smaller banks.
“In many cities, the downtown office district is very underpopulated,” Powell told a Congressional hearing this week. “We’re talking about office properties where vacancies are high due to changes in patterns of work use,” she added.While large establishments have the capacity to absorb some losses, these could prove a massive blow to smaller banks, Daco said.
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