According to Trepp CMBS data, the most recent financials on office loans have already started to reflect the magnitude of the current economic downturn.
NEW YORK (PRWEB) September 30, 2020
Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets has released a report to examine the impact of COVID-19 on office properties across the US in collaboration with CompStak, the nationwide provider of commercial real estate lease comps, sales comps, and property information.
To fully assess the impact of the current coronavirus disruption on a rapidly changing commercial real estate landscape, it is now more important than ever for industry participants to evaluate all available market indicators and datasets. Instantly access the latest Trepp and CompStak report here: https://info.trepp.com/trepp-compstak-national-office-report-pr.
“According to Trepp CMBS data, the most recent financials on office loans have already started to reflect the magnitude of the current economic downturn,” said Catherine Liu, report author and Trepp Associate Manager of Research. “Reported quarter on quarter NOI and NCF values have trended notably lower in 2020 after logging a 2-5% growth rate since 2016.”
Roughly $3.3 billion in outstanding office CMBS across 125 loans and 245 properties have been flagged for having requested forbearances thus far.
When looking at different rent metrics across the largest markets in the U.S. throughout the COVID-19 pandemic, it is clear that landlords have been providing more concessions to their tenants. The concession numbers closely resemble the uptick seen during the 2009 Great Recession.
“Utilizing CompStak’s comprehensive lease comp data, we observed recent changes in concession trends, including a 30% increase in the free rent ratio compared to the same period last year as a result of the current pandemic,” said Lucas Winter, report author and CompStak Data Analyst.
Following the recent integration of CompStak data within the Trepp product suite, Trepp subscribers can now leverage the combination of Trepp’s extensive historical inventory of non-surveyed, CMBS loan financials and monthly servicer commentary with CompStak’s real-time analytics on critical national market and submarket leasing metrics.
Trepp, founded in 1979, is the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets. Trepp provides primary and secondary market participants with the web-based tools and insight they need to increase their operational efficiencies, information transparency, and investment performance. From its offices in New York, San Francisco, and London, Trepp serves its clients with products and services to support trading, research, risk management, surveillance, and portfolio management. Trepp is wholly-owned by Daily Mail and General Trust (DMGT). For more information, visit http://www.Trepp.com.
CompStak is a real estate data and analytics company leveraging crowdsourced commercial lease and sale transaction data and property information combined with AI driven analytics. CompStak's 30,000 members provide data covering the entire US, and its paying customers include the world's largest real estate investors and lenders like Wells Fargo, Tishman Speyer, Vornado, AEW, CIM, Moody’s and many more. For more information, visit http://www.compstak.com.
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