US office market segment shows signs of bottoming after big discount sales

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US office market segment shows signs of bottoming after big discount sales - Business Standard

Quick Summary:

The real estate industry has suffered from a double whammy of low vacancies and revenues, which have made it difficult for property owners to make interest payments on existing loans.

One recent example of a lender pushing forward was Parkview Financial which offered to sell $300 million of seven multifamily and office loans - a mix of performing and some in litigation - in New York, New Jersey and Connecticut in an auction, according to Parkview CEO Paul Rahimian and a confidential offering memorandum seen by Reuters.

Since the end of the first quarter in the US, there were seven office properties sold at a discount of more than $100 million compared to just one in the first quarter and just two in the whole of 2023, Moody's said in an August report which was based on public records data.