Search Results
Journal Article
Opinion: Banks and the Commercial Real Estate Challenge
Even though years have passed since the major disruptions of the COVID-19 pandemic, it's clear that demand has been hard hit for some types of commercial real estate — especially downtown office buildings. Researchers at the Richmond Fed surveyed employers in March and found that more than a third expect employees to be on site three days a week or fewer. Asset values have adjusted accordingly to this change in demand. One measure of these price declines comes from publicly traded office real estate investment trusts (REITs), where values have fallen by more than 30 percent since early 2022.
Working Paper
Relationship Lending: That Ship Has Not Sailed for Community Banks
This study provides direct evidence of the value to banks arising from relationship lending by estimating the market premium placed on banking organizations’ small business loan portfolios. Using data from the small business loan survey contained in the June bank Call Reports, we find that small commercial and industrial (C&I) loans add value to community banks both in absolute terms and relative to the value contributed by larger C&I loans. The value‐enhancing effect of small business loans is observed primarily at small community banks, and it was present during the Great Recession as ...
Speech
Introductory remarks at 2017 Community Bankers Conference, Federal Reserve Bank of New York, New York City
Remarks at the 2017 Community Bankers Conference, Federal Reserve Bank of New York, New York City.