"Even with investment in state-of-the-art retrofitting, it will be difficult for shopping centers to reach those goals, as offsets of that magnitude would both tenants and consumers make significant changes in consumption."
As the economy continues to rebound from the pandemic, the glut of available sublease space remains the biggest hurdle for the office sector's recovery.
The hospitality debt markets are heating up as the second half of the year looms, with spread tightening between 100 and 200 basis points since January. And all major lender types are back in play, with the number of active lenders within each lender type on the upswing.
According to a new report from Marcus & Millichap, more than a third of investors the firm surveyed say their properties are operating better than they were before the pandemic.
According to the latest data from Freddie Mac, the 30-year fixed rate averages 2.87% with economic growth and the acceleration in inflation moderating.