EN News Brief
Summary
Owen Thomas, CEO of BXP (the largest U.S. office REIT), states the office real estate sector has bottomed out in 2024. While the overall market is overbuilt, a clear bifurcation exists: high-quality “premier” buildings are performing well with lower vacancy and higher rents, while lower-tier properties struggle. BXP focuses on this top market segment and new development rather than acquiring or converting older buildings.
Key Points
- Market Bottom: The U.S. office sector has hit bottom, with the overall vacancy rate declining for the first time since Q1 2020.
- Market Bifurcation: A sharp divide exists between high-quality “premier” buildings (top 10%, lower vacancy, 55% higher rents) and the rest of the market.
- BXP’s Focus: BXP invests almost exclusively in the premier segment, catering to financial/legal services firms that are driving leasing activity.
- Investment Strategy: BXP is investing in new development (e.g., a $2B NYC project) rather than acquiring or converting older, lower-tier buildings.
- Building Conversions: While NYC leads in office-to-residential conversions due to high rents and tax incentives, Thomas believes this is only a partial solution, not the answer for the entire U.S. market. Many buildings will simply be demolished.
中文新闻简报
总结
BXP（美国最大的办公地产信托基金）首席执行官欧文·托马斯表示，办公地产行业已在2024年触底。虽然整体市场供应过剩，但存在明显的两极分化：高质量的”顶级”建筑表现良好，空置率更低，租金更高；而较低级别的物业则处境艰难。BXP专注于这一顶级细分市场和新开发项目，而非收购或改造旧建筑。
关键点
- 市场触底： 美国办公地产市场已触底，整体空置率自2020年第一季度以来首次出现同比下降。
- 市场两极分化： 高质量的”顶级”建筑（前10%，空置率更低，租金高出55%）与市场其他部分存在显著差异。
- BXP的专注点： BXP几乎完全投资于顶级细分市场，其租户多为金融和法律服务公司，这些公司正推动租赁活动。
- 投资策略： BXP正在投资新开发项目（例如纽约市一个20亿美元的项目），而不是收购或改造较旧的低级别建筑。
- 建筑改造： 尽管纽约市在高租金和税收激励的推动下，在办公转住宅方面处于领先地位，但托马斯认为这只是部分解决方案，并非全美市场的答案。许多建筑最终将被拆除。
Original Article Link: https://www.cnbc.com/2025/11/18/bxp-chief-office-sector-overbuilt.html