NEW YORK CITY—At this point in the real estate cycle, investors need to exercise greater caution, embracing lower returns and avoiding greater risk:
Hold core real estate: Well-leased properties, including office in the prime 24-hour markets, throw off steady income and it's still a good time to lock in near top of the market rents. These assets will be best positioned to ride out any rough spots in any inevitable market dip or worse, absent near-term lease rollover.
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