Jordan Menashe is excited about the future of office buildings. His family-run firm, Menashe Properties, has acquired four office properties in the last 10 months and is eyeing another. It's a bet few are willing to take as office occupancy has stagnated far below where it was in 2019. But a growing number of investors are putting money behind the belief that remote work is still just a fad, and just like the fashion trends of the '90s that are back in style, office work is going to come back with a vengeance. “We were all wearing skinny jeans just a year ago. But before skinny jeans, we were wearing jeans that were really baggy,” Menashe said. “Now, what are kids wearing on their first day of high school? The baggier, the better.”
Just like baggy jeans a few years ago, the bargain bin is filled with aging office buildings burning a hole in owners' and lenders' pockets.Fire sales of office buildings are becoming more common. In the first half of 2024, eight office properties sold at discounts greater than $100M from their prior… Read the full story here. |