Tuesday, 1 September 2026
Search Estate News
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Core-plus funds raised $18.4bn for office strategies last quarter as repriced assets in gateway cities finally cleared bid-ask gaps that had frozen the sector for two years.
Spreads tightened within hours of the decision. Underwriting standards did not move at all, and that gap is where the next 18 months of deal flow will be decided.
Vacancy crossed 5.8% nationally for the first time since 2016, and the record completion pipeline still has four quarters to run.
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Pricing, absorption and transaction volume
Vacancy crossed 5.8% nationally for the first time since 2016, and the record completion pipeline still has four quarters to run.
Where capital is moving, and why
Core-plus funds raised $18.4bn for office strategies last quarter as repriced assets in gateway cities finally cleared bid-ask gaps that had frozen the sector for two years.
Argument and interpretation from our columnists
Dr Amara Nwosu
Contributing Columnist
Supply targets make good politics and bad policy when the binding constraint is land assembly, not permission.
Richard Devlin
Editor-at-Large
Ten years of undifferentiated demand hid an enormous quality gap. That gap is now the whole story.
Dr Amara Nwosu
Contributing Columnist
The lending has moved outside the banking system. So has the disclosure.
Pipelines, permits and the cost of building
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Debt, rates and lending conditions
The rules that change the maths
Developers wanted the height limits gone. What they got instead was a faster clock on decisions — which may matter more.
The measures differ in design but share a target: non-resident buyers of existing residential stock.
Assessments have not been updated since 2015. The catch-up shifts several billion in liability between asset classes overnight.
Notice periods, arrears recovery and repair liability all move. Institutional owners have already started repricing the sector.
Trophy assets, branded residences and private capital
Hotel groups are licensing their names onto towers they will never own, and buyers are paying a 34% premium for the badge.
The Morning Brief
Transactions, financings and policy changes — filtered for people who allocate capital. Free, daily.
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