Commercial real estate is under stress but places like New York and Miami still offer pockets of value, Nuveen Real Estate CIO says
in the first quarter of 2023."But that story is layered," she said.
"Looking at New York City, the largest office market in the world, we have 90 million square feet of vacancy. But you peel that onion back and what you'll find is that newer vintage product built in 2015 and later on is only at a vacancy of less than 5%," Tripp said. "Miami is another example of where we have seen tons of population migration, corporate relocations. As you all know, Miami office rents continue to outpace historical norms, continue to peak," she continued.The commercial real estate industry has been under increased stress in recent months, fueling concerns that it could suffer a bout of turmoil similar to what US regional banks.
While Tripp is cautiously optimistic, other market commentators have warned commercial property prices could plunge by as much as 40% from their peak as the Federal Reserve plans to continue its interest-rate increases aimed at taming inflation.
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