U.S. REITs: BofA’s Multi-Sector Deep Dive NYC Tour: flight to quality is loud and clear

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U.S. REITs: BofA’s Multi-Sector Deep Dive NYC Tour: flight to quality is loud and clear

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U.S. REITs

BofA’s Multi-Sector Deep Dive NYC Tour:

flight to quality is loud and clear

Industry Overview

BofA’s Annual Flagship Multi-Sector Deep Dive NYC Tour 18 May 2026

Our tour last week demonstrated NYC’s strength and resiliency across real estate asset Equity

classes, particularly among higher quality assets. We consistently heard about flight to United States

quality and broadening demand throughout our 13 meetings. Sector takeaways inside. REITs

Jeffrey SpectorThe Office recovery is real, but still highly selective Research Analyst

Top of market rents (often $100+) are rising, with concessions stabilizing on new leases BofAS

and selectively declining on renewals. Demand has broadened beyond FIRE to legal, jeff.spector@bofa.com

accounting, tech, and other revenue-generating users. AI/AI-adjacent tenants are a new Jana Galan Research Analyst

and growing demand driver, particularly in Midtown South. AI has created questions BofAS

around longer-term hiring needs, but corporates are not pausing leasing decisions while jana.galan@bofa.com

they figure out AI. Space is increasingly viewed as a strategic tool to attract and retain SamirResearchKhanalAnalyst

talent, not just a cost, reinforcing a pronounced “have vs. have-not” market. BofAS

samir.khanal@bofa.com

NYC Office demand defies job data, pushing rents 10%+ FarrellResearchGranathAnalyst

Office conversions, limited dev starts and steady leasing have removed meaningful BofAS

farrell.granath@bofa.com

available space from the market, with little new office supply expected for years. The

next wave of leasing may be driven less by headline job growth and more by scarcity of AndrewResearch BergerAnalyst