The work-from-home era has led to vacant or underused offices in cities like New York and Los Angeles. This has caught the attention of investors and regulators who are concerned about the impact that this development may have on the $20 trillion US commercial real estate market. In fact, the impact is already beginning to be felt. For example, world-leading alternative asset managers such as Blackstone (BX) and Brookfield Asset Management (BN)(BAM) recently defaulted on office property-backed debt.