The region's office vacancy, transit funding and migration trends are starting to sort into a clearer post-pandemic picture — and it is more bifurcated than the headlines suggest.
Kelly's column draws on the most recent commercial real estate, MTA ridership and IRS migration data to argue that Greater New York is splitting into two recoveries: trophy buildings and prime corridors are at or above pre-pandemic occupancy, while B and C class buildings remain at structural vacancy levels that imply conversion or demolition.
This is the cleanest version of the story we have been telling clients about REITs all year: own the operators with trophy concentration (we hold), avoid the operators with B/C exposure. We are not changing positioning today.
A 15-minute review — an update on positioning.
Schedule a Call