JPMorgan's commercial real estate chief lays out how Blackstone will help prevent an office market 'catastrophe'
But some investors are preparing to strike as valuations drop, according to Alfred Brooks, who as head of JPMorgan's commercial real estate group oversees more than $30 billion of annual originations. That's likely to prevent prices from tumbling into the abyss."You get the headline written that the office market is a catastrophe," Brooks said during a JPMorgan outlook webinar on June 1."That's just wrong.
There are signals that demand could return — at least for the better buildings. According to JLL, a commercial-real-estate services firm, there are"promising signs" from corporate tenants of a gradual re-entry to offices, so much that companies could eventually find themselves short of space.Still, a bottom in the office sector isn't expected anytime soon.
The"tipping point" that investors were waiting for on office debt appears to be here, Manus Clancy, a senior managing director at Trepp, wrote in a June 1 post to clients, suggesting delinquency data is finally beginning to reflect the long-projected distress.
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