Philippa Maister

Atlanta

Freelance writer on legal, business, finance and healthcare issues. Contribute to American Lawyer, Corporate Counsel, The Banker, fDi, and other magazines.

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Articles

Distressed Office Sales Spike as Urban Vacancy Rises and Remote Work Persists

6 days ago | globest.com | Philippa Maister

The bleak forecasts for U.S. office market distress are proving accurate as the year unfolds, according to a new report from CommercialEdge. Increasing office vacancy rates, rising distressed sales numbers, and slumping office starts nationwide tell much of the story. They are part of what the report called “a decades-long shift happening in the sector.”“Large urban properties are now feeling the pinch as demand continues to fall and many lease contracts come to an end,” the report found.
Vornado JV Secures $450M Refi for Times Square Asset

1 week ago | globest.com | Anthony Russo |Philippa Maister

A retail joint venture majority controlled by Vornado Realty Trust has secured a $450 million loan to refinance its 1535 Broadway property, also known as Marriott Marquis. The terms include 6.90 percent fixed rate, with a maturity date set for May 2030. It's unclear who the lender was, but Vornado said that $407 million of the funding is being used in part to redeem the company's preferred equity in the JV. The REIT owns 52 percent of the JV.
Archway Capital Launches $100M Debt Fund

1 week ago | globest.com | Anthony Russo |Philippa Maister

Archway Capital has launched a new commercial real estate fund with the goal of raising $100 million to be invested across various asset classes. Through Archway Opportunity Fund II, the developer aims to achieve an annualized return of between 11 and 15 percent, with an additional focus on generating an annual income of four to five percent. The firm plans to raise the capital by the end of next year.
San Antonio's Office Sector Faces Negative Demand Despite Class A Gains

1 week ago | globest.com | Anthony Russo |Philippa Maister

Higher-tier properties have continued to drive San Antonio's office sector’s recovery. Still, their strong performance wasn’t enough to prevent the city from experiencing negative overall demand in the first quarter. The market recorded a total negative absorption of 102,296 square feet. While Class A properties absorbed a positive 119,690 square feet, Class B and C assets together saw a combined loss of 221,986 square feet.
Retail Vacancy Holds Steady as Jacksonville Sees $705M in Sales Volume

1 week ago | globest.com | Anthony Russo |Philippa Maister

While robust growth is always desirable, stability in the commercial real estate sector can be equally advantageous. This is particularly evident in Jacksonville's retail market as it begins 2025. According to a report from Colliers, retail vacancy rates in Jacksonville have remained steady, standing at 4.3% during the first quarter of 2025 compared to the previous quarter.
Trump Revokes Downtown Location Rules, Pushing Federal Offices to Cheaper Areas

1 week ago | globest.com | Erika Morphy |Philippa Maister |Anthony Russo |Erik Sherman

President Donald Trump has signed an executive order overturning decades-old policies requiring federal agencies to prioritize locating in downtown and historic districts. This move is part of the administration's broader effort to decentralize federal operations and encourage agencies to relocate to more cost-effective locations across the country.
Nonprofit Grabs San Diego Office Tower at $108M Discount

1 week ago | globest.com | Jack Rogers |Philippa Maister |Anthony Russo |Erik Sherman

A private San Diego-based philanthropic organization has purchased the Wells Fargo Plaza tower in a $40M cash deal from the Irvine Company, which bought the 24-story downtown office building in 2004 for more than $148M. The Prebys Foundation, which has more than $1B in assets, characterized the acquisition as an investment in a revival of San Diego’s downtown business district, which is struggling with record-high office vacancy rates.
The Office Market’s Newest Foe: Tariffs and Trade Wars

1 week ago | globest.com | Erik Sherman |Philippa Maister |Anthony Russo

Worries about tariffs have settled heavily on companies, resetting executive expectations and causing companies to rethink their office leasing plans. Deals are going on ice and what was a visible improvement over a sector trying to pull itself out of a pit is facing the question, “What now?” The opening of the year looked good for U.S. business. CEO confidence was at the highest level in three years, said the Conference Board’s Measure of CEO Confidence.
Apartment Rents Expected to Grow 2.3% This Year

1 week ago | globest.com | Kristen Smithberg |Philippa Maister |Anthony Russo |Erik Sherman

National effective asking rent growth could hit approximately 2.3% this year, with the largest share of the top 50 markets seeing growth of between 2% and 2.9%, according to an apartment market analysis from RealPage. Rents will rise more than 3% in about one-third of the top 50 markets, while 16% will see more moderate gains of between 1.5% and 1.9%, and 6% will have minimal growth of around 0.5%.
Renters Drive Majority of U.S. Household Growth in 2024

1 week ago | globest.com | Kristen Smithberg |Philippa Maister |Anthony Russo |Erik Sherman

The rental sector is becoming a more significant part of the housing market ecosystem, with rental households growing 1.9% last year, more than double the growth of owned households, according to research by Arbor Realty Trust and Chandan Economics. Owner households grew by 0.7% last year.