Post-pandemic, living and working patterns have shifted dramatically, lowering the demand for urban living and office space. With around $600 billion in losses estimated in the office market alone — and the urban exodus ongoing — the U.S. commercial real estate crisis is far from over. Harry Melandri of MI2 Partners welcomes Stijn Van Nieuwerburgh, professor of finance and real estate at Columbia University, to unpack the threat of an “urban doom loop,” commercial real estate’s impact on the broader financial system, and the risks and opportunities investors face in this sector.