Office Landlords: How's it going? (2023 Q4)

[Danny Simard]

Greetings, those who work in the office sector! How are things going? Anybody doing any deals right now? What are cap rates where you are, and with what kind of product? How's your occupancy? How's your leasing? Are you doing capital projects? 

My two buildings are like a tale of two cities. One is doing just fine, nearly fully leased and smooth sailing. The other: high vacancy, quiet, and unsure of what the future holds. 

[Danny Simard]

Quote from @Scott E.:

Are you considering repurposing the space in your high vacancy building?

Mine? Well, based on the floor plates of this particular building, there's not much to be done. We're in that sweet spot of too big to chop up into resi, and too modernized to justify the cost of either demo or cutting into the structure to make it "E" shaped.