Office REIT cap-rate trades widen forty bp in secondary markets.
Return-to-Office reads weaker for the third quarter running.
Cap-rate trades in secondary-market office widened forty basis points in May, the steepest sequential move in this cycle. Return-to-Office is reading directionally weaker for the third quarter running.
The lease-rollover cohort hits H1 2027. The 2025 vintage of office debt is now flagged as the next-cycle stress test.
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