Office

The rise in the special servicing rate was tied primarily to the retail and lodging industries and continued a consistent increase in the rate that started in March.

Job markets in New Jersey, New York, Hawaii, Illinois and Alaska have been among the hardest hit from COVID-19 and the slowest to recover. That's not making the credit outlook any brighter.

Ingka Centres, part of the Ingka Group (which includes IKEA Retail and Ingka Investments), will transform and redesign the 6X6 building into a new retail destination that's anchored by IKEA and mixed-use offerings.

Auctane LLC, a wholly owned subsidiary of Stamps.com and operator of ShipStation, ShippingEasy, ShipEngine and ShipWorks, will become the first office tenant in The Grove at Shoal Creek.

While a full pricing recovery could take time, there are a lot of positive trends for the office space.

The new 5-year facility replaces the previous $465 million construction facility that was put in place in 2019.

West coast cities fared well in Q2.

Year over year leasing activity decreased by 20.9% and August 2020 leasing in Manhattan was 63.7% lower than the monthly average in 2019.