Comment on More than 90% of JPMorgan employees reported a decline in morale following RTO
W3dd1e@lemmy.zip 4 days agoActually, I work in commercial real estate.
It’s not uncommon for there to be triggers on these loans that go into effect when a tenant vacates a property, even if they are still paying rent.
They direct control of their rents and they have to pay a monthly fee for management.
I can promise you, the only reason we returned to remote is luck. Our lease happened to be up at the same time our moral dropped.
Still, many of our employees cheered and celebrated the announcement. Take the wins where you can.
InternetCitizen2@lemmy.world 4 days ago
Sorry for the ignorance, but why would a lender care about the occupancy of a building?
W3dd1e@lemmy.zip 4 days ago
No worries! Ask as many questions as you like!
It affects the value of the surrounding spaces.
Example: A strip mall has a grocery store. If the grocery is active on the property, the surrounding spaces are more valuable to rent. The landlord can rent the spaces to restaurants retail stores because the grocery store has a lot of foot traffic.
If the grocery store “goes dark” or stops operating at the strip mall, the neighboring Chipotles and Game Stops lose money and close. The landlord can’t fill those spaces as easily as when the grocery store was there.
InternetCitizen2@lemmy.world 4 days ago
That does make sense, thanks.