Globest Sectors

Westdale Real Estate Investment and Management purchased Soleste Alameda, a 306-unit apartment complex.

While there are barriers to adaptive reuse projects, such as zoning restrictions, issues with building envelopes, governmental regulations and hazardous material abatement, Hancock thinks the positives outweigh the negatives with these products.

"If the city doesn't compromise, we'll have to go back to court," an attorney for the Clevelander Hotel said.

Underwriters will look at the leases and the leases are going to speak for themselves: the duration, the quality of the tenants.

With shorter leases, multifamily owners can adjust accordingly if prices rise.

The average urban office sales price has risen to $429 per square foot, a 4.5% increase over 2020.

"The overarching narrative of doom and gloom seems to miss out on the lingering strength and potential of leading players."

There is tremendous commercial real estate market liquidity, and interest rates are low.