Office REITs: Post Nareit wrap up: improving demand and less supply; capital markets mixed

研报英文原文证据摘录

Office REITs: Post Nareit wrap up: improving demand and less supply; capital markets mixed

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Office REITs

Post Nareit wrap up: improving demand

and less supply; capital markets mixed

Industry Overview

Positive leasing momentum from 1Q has continued in 2Q 08 June 2026

Positively, leasing remains strong with tenant demand continuing to broaden. REITs are Equity

having more conversations on early renewals for 2028+, particularly in stronger United States

(sub)markets where there is limited/declining availability of high-quality blocks. While REITs

occupancy remains a top priority for REITs, there are select instances where landlords Jana Galan

are becoming more selective on price, such as BXP's 343 Madison and CUZ's 201 N Research Analyst

Tryon (re)developments. Last week, BXP expanded Starr’s 343 Madison lease by 50K SF, BofAS+1 646 855-5042

bringing its total to 325K SF (~35% of the building). BXP is close to signing an additional jana.galan@bofa.com

200K SF between two tenants, which would bring the project to roughly 56% pre-leased. Jeffrey Spector

Research Analyst

Additionally, last week it was reported that VNO signed a 62K SF lease at PENN 2. BofAS

+1 646 855 1363

Strongest leasing environments in New York and San Fran jeff.spector@bofa.com

Andrew Berger

NYC continues to experience positive leasing momentum. While this strength is Research Analyst

highlighted by submarkets like Park Avenue where there is effectively no vacancy, we BofAS

+1 646 855 1589

continue to hear about demand broadening out. There is strength in all Midtown andrew.berger2@bofa.com

submarkets and diverse demand across tenant industries. Tenants are increasingly REITs Team

focused on securing high quality space given the lack of new supply over the next 3+ BofAS

years.