Can CRE credit risk models cope with hybrid working?

As US office use changes, modellers deploy judgement overlays and alternative data to keep up

In San Francisco’s financial district stands 350 California Street, a 22-storey tower block just opposite ‘The Grand Old Lady of California Street’ – an iconic Greco-Roman-style hall inherited by Union Bank when it merged with Bank of California in 1996. Last year, the larger regional US Bancorp in turn acquired Union Bank, and set about divesting its erstwhile headquarters at 350 California Street. Valued at $300 million by brokers in 2019, the office block was only 25% occupied when it sold

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