Real Estate
There’s Finally Hope for the Office Real Estate Market
- Brokerage JLL says more bidders are re-entering the market
- Firm forecasts that property owners will need more equity
An office building in New York, US.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
Soaring borrowing costs and plunging prices walloped the global commercial-property market last year. Now, more clarity around values and an urgent need to address looming debt maturities are expected to spark more deals.
Sellers and buyers are finally seeing more opportunities to transact after uncertainty nearly froze the market for much of last year. The average number of bids per deal climbed 16% in November 2023 from the end of 2022, according to Jones Lang LaSalle Inc.