| On Wednesday, the CoStar Group saw wide differentials in office deals, offering takeaways on the state of distress opportunities. As of Q1, distressed office property sales accounted for about 22% of all office deals. On a dollar basis going back to the start of 2009, about $2.5B of distressed office assets traded hands compared to $19.1B in non-distressed sales. The average price per SF for all distress deals was $97 compared to nearly twice as much for non-distressed office space. Boston, Seattle, San Francisco, Houston, Minneapolis, and Dallas were projected to have average annual returns of 16% or more and lower projections of future distress. Portland, Sacramento, Atlanta, and Miami were on the other end of spectrum, where returns were projected to be lower and distress higher. Looks like LeBron James hasn't lived up to the hype. |
Distressed Office Opps
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CoStar Group
, LeBron James
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