Commercial real estate companies own and manage office buildings, shopping centers, mixed-use developments, and retail properties. Office REITs have been severely impacted by the remote and hybrid work shift — CBD office vacancy rates in major cities have risen to multi-decade highs, pressuring rents and asset values. Retail strip centers with grocery-anchored tenants have outperformed enclosed malls. Class A trophy office in gateway cities is holding value better than suburban or older Class B/C assets.
Office utilization data (Kastle Systems badge swipe rates) tracks real-world demand. Same-store NOI growth and occupancy rates by market. Lease expirations as a percentage of total rent roll indicate near-term rollover risk. Watch refinancing activity — maturities at current rates are a stress test for leveraged operators.