JPM is not simply a company that leases CRE space. That describes a lot of hedge funds, which is why they haven't cared about RTO to the extend the big banks have.

JPM is a huge lender in the space.

If CRE falls, JPM has a tougher time than the average big bank. They are also building a huge tower on Park Ave that was started pre-COVID and still not done.

https://www.marketwatch.com/story/deutsche-bank-goldman-and-...