Fresh 7/22: Refi Rates "Lookout Block" (AMT/SPG/HPP/BXP), REITs vs. S&P Relative Multiple

Research evidence excerpt

Fresh 7/22: Refi Rates "Lookout Block" (AMT/SPG/HPP/BXP), REITs vs. S&P Relative Multiple

July 22, 2026

rent growth is expected to accelerate modestly through year-end. Leasing activity also gained momentum, increasing

~50% y/y.

Wolfe Real Estate Takeaways: Major data points and the forward outlook were both quite constructive in the report.

We note that we continue to be fascinated by the difference in reported absorption levels across major brokers/sources.

For context, absorption numbers have varied from CIGI's ~59 million sf to JLL's ~99 million sf (contact us if the full list

would be helpful).

Office

Fitch Revises Hudson Pacific Properties' Outlook to Negative; Affirms IDR at 'B+' - Fitch (published 7/20)

Fitch Ratings affirmed HPP's Long-Term Issuer Default Ratings at B+ and preferred stock at B-. Fitch also affirmed

HPP's senior debt at BB-‌/RR3. The Rating Outlook is revised to Negative from Stable.

Wolfe Real Estate Takeaways: The report specifically notes that its analysis assumes an extension of the Hollywood

Media portfolio CMBS debt. The $531M August maturity leads to HPP being included in our interest rate and refinancing

commentary above. HPP noted in its NAREIT investor presentation that it was pursuing and expected an extension.

Atlanta Office MarketBeat- CWK (CUZ/HIW market)

Vacancy declined 19bps Q/Q. Authority Brands recently announced plans to relocate its headquarters to Atlanta. The

outlook is for vacancy to face less upward pressure from new supply. Occupancy gains are expected to continue over

the coming quarters as some recently signed large tenants begin to move into their spaces.

San Francisco Office- NMRK (KRC/HPP/BXP market)

Overall availability decreased by 130bps Q/Q while vacancy declined by 100bps. 2Q leasing was the second strongest