Has the office market begun its recovery yet? There’s growing evidence that it has — at least the upper tier. In its latest earnings call, CBRE Group noted 28% U.S. office leasing revenue growth, with occupiers “increasingly comfortable making long-term decisions.” A CBRE report showed top-tier office owners cutting back on tenant concessions.
One of the latest signs is Blackstone’s continuing move into new office real estate debt investments as it readies a stake in a 50-story property in Midtown Manhattan as Bloomberg reported. However, a wider look at the office market shows that improvement isn’t universal and doesn’t eliminate all past problems. This became clear last month in the Q4 2024 earnings call for the company’s $17 billion CRE debt on REIT, Blackstone Mortgage Trust.
BXMT has seen “a lot of repayments,” Katharine Keenan, president, chief executive officer, and director of BXMT said during the call.
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