A business would have to go out of its way not to hear of the Great Resignation. People are leaving their jobs in volumes unprecedented in modern times, and maybe before. The potential indirect impacts on commercial real estate are multifold. For example, CRE loan servicing costs might jump because there aren't enough people at mortgage servicers. Lack of employees in retail presents revenue challenges, affecting rents. Getting construction crews for new development is a hurdle.
But the biggest issue is likely how CRE companies will attract and keep the talent they need to do business. Just as millions of other workers find themselves with employment options, so do those in real estate, whether working at investment firms, brokerages, developers, or property management.
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