In many ways, the office sector’s position along the real estate cycle resembles that of the 2005/2006 period. The market is rising at a steady pace, as it did in 2005 and 2006; average national vacancies, which have fallen for four years straight, are under 12 percent and closely aligned with 2005 levels.
Investors are once again underwriting strong income growth, as rents signed at the bottom of the market will receive mark-ups when they roll to market rate&md
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