Bank branches across the US  continue to bleed out as the COVID-19 pandemic rolls on, and experts caution that the impact on the CRE industry could be profound this year. 

Last fall, US Bancorp made headlines when it announced it would close 15% of its branch locations, including many in supermarkets, in 2021—and in the past several weeks, a growing chorus of similar closures from TD Bank, KeyCorp, and Huntington Bancshares have added to the din. Banks aren't required to publicly state whether they're profitable as part of their leases, unlike most retailers who must disclose gross sales, and thus occupancy costs are difficult to determine.

"We must keep an eye on corporate signaling and ensure that we contemplate sufficient retenanting costs in our commercial property analysis for bank branches backing loans," the report states.