Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Across the US, commercial real estate (CRE) has sharply reversed the covid boom.</li>
<li>We see more and more firms letting their leases expire to mitigate costs – an exercise which naturally will worsen the figures further. </li>
<li>Now, with CRE constituting upwards of 35% of small banks' total assets, further pressure on balance sheets and credit ought to impact the broader economy as well.</li>
</ul>


Across the US, commercial real estate (CRE) has sharply reversed the covid boom.
We see more and more firms letting their leases expire to mitigate costs – an exercise which naturally will worsen the figures further. 
Now, with CRE constituting upwards of 35% of small banks' total assets, further pressure on balance sheets and credit ought to impact the broader economy as well.


CRE Watch: Illiquid Trouble Stuck on the Books