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WHAT’S NEXT FOR THE U.S. OFFICE MARKET?

2026-08-04T15:47:33Z

By Matthew Auchincloss The office sector may never be going back to pre-pandemic utilization levels, but enough time has elapsed and data compiled to make the case that the asset class is stabilizing. According to data from CoStar Group, leasing activity remained steady in the second quarter, with 115 million square feet of new leases signed (renewals were not included in the data) of 2026. That remains approximately 9 percent below the quarterly average from 2015 through 2019 but is far above the leasing volume from 2020 and 2021. The national vacancy rate is down 50 basis points from one year ago and 20 basis points in the past quarter, currently sitting at around 18 percent, according to CoStar. Rental rates are also up, averaging approximately $38.06 per square foot nationally — a 2.3 percent increase from last year, according to Colliers. Class A rates currently sit around $43.76 per square foot, with a sharp divide between commercial business district (CBD) rates and suburban product. CBD rates dropped 10 basis points from the first quarter, but the $52.52 per square foot price tag is still up slightly year-over year (70 basis points). Suburban rates are much lower at approximately $37.74…

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JLL Negotiates Sale of 248-Unit Apartment Complex in El Paso

2026-08-04T15:29:30Z

EL PASO, TEXAS — JLL has negotiated the sale of Palomar West, a 248-unit apartment complex in El Paso. The property was built on a 10.6-acre site on the city’s west side in 1986 and offers one- and two-bedroom units with an average size of 701 square feet. Amenities include a pool, fitness center and a resident clubhouse. Steven Hahn Jr., Art Barnes and William Jennings of JLL represented the seller, Dallas-based Saxony Capital Management, in the transaction. The buyer and sales price were not disclosed.

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PNC Bank Provides Financing for Three Affordable Housing Properties Totaling 224 Units in Kerrville, Texas

2026-08-04T15:22:31Z

KERRVILLE, TEXAS — PNC Bank has provided financing for Heritage Oaks, The Meadows, and Paseo de Paz, three affordable housing properties totaling 224 units in Kerrville, about 65 miles northwest of San Antonio. The financing will be disbursed as part of PNC’s $251 million fund to support new construction, rehabilitation and preservation of 16 affordable housing properties totaling approximately 1,700 units across the country. The owner of the Kerrville properties was not disclosed.

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Versal Negotiates Sale of 93-Unit Self-Storage Facility in The Colony, Texas

2026-08-04T15:12:37Z

THE COLONY, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a 93-unit facility in The Colony, located north of Dallas. LifeSmart Storage operates the facility, which totals 9,300 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster, Hugh Horne and Kirk Silas of Versal represented the seller and procured the buyer, both of which were Texas-based limited liability companies, in the transaction.

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Walker & Dunlop Arranges $137.5M Loan for Refinancing of Brooklyn Apartment Building

2026-08-04T15:05:49Z

NEW YORK CITY — Walker & Dunlop has arranged a $137.5 million loan for 12 Halsey, 240-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood. Completed last fall, 12 Halsey occupies a full city block and offers studio, one- and two-bedroom units, 30 percent of which are reserved as affordable housing. Amenities include a pool, fitness center, rooftop terraces, coworking space and outdoor grilling and dining stations, and the building also houses 2,400 square feet of ground-floor retail space. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Diaz, Michael Ianno and Cole Grims of Walker & Dunlop arranged the three-year, floating-rate loan through AllianceBernstein. The owner is a partnership between EJS Group and Hope Street Capital.

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Whole Foods to Open New Store at Shivers Farm in Southlake, Texas

2026-08-04T15:18:50Z

SOUTHLAKE, TEXAS — Whole Foods Market will open a new store at Shivers Farm, a 40-acre mixed-use development in Southlake, located north of Fort Worth. The square footage was not disclosed. The groundbreaking of the new store will take place in the coming days, and the store is expected to open late next year. Trademark Property Co. is the master developer of Shivers Farm.

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Keystone Completes Office-to-Residential Conversion Project in Philadelphia

2026-08-04T14:54:22Z

PHILADELPHIA — Local developer Keystone has completed an office-to-residential conversion project in Philadelphia’s Independence Mall district. Designed by Tantillo Architecture and built by Fasttrack Construction, the project transformed the historic, 12-story building at 400 Market St. into a 176-unit apartment complex known as 400 Market Flats. Units come in studio, one- and two-bedroom floor plans, and amenities include coworking space and a rooftop terrace. Keystone developed the project, which opened with 40 percent of the units preleased, in partnership with Lubert-Adler.

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Berkadia Brokers $8.7M Sale of Northern New Jersey Apartment Building

2026-08-04T14:47:55Z

ELIZABETH, N.J. — Berkadia has brokered the $8.7 million sale of Aberdeen Arms Apartments, a 52-unit building located in the Northern New Jersey community of Elizabeth. Built in 1965, Aberdeen Arms offers 10 one-bedroom units and 42 two-bedroom units and was fully occupied at the time of sale. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia represented the undisclosed seller in the transaction. Berkadia also arranged acquisition financing for the deal. The buyer and direct lender were also not disclosed.

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Autodesk Signs 72,000 SF Office Lease Renewal in Boston’s Seaport District

2026-08-04T14:44:17Z

BOSTON — Autodesk has signed a 72,000-square-foot office lease renewal in Boston’s Seaport District. The provider of 3D design, engineering and entertainment software will remain at the Innovation & Design Building, a 1.4 million-square-foot mixed-use building that was originally constructed in 1918 as a waterside storehouse for the South Boston Army Base. Luke Wilson of Colliers represented Autodesk in the lease negotiations. A partnership between Related Beal and Jamestown owns the building.

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Richman Group Obtains Three Loans for Luxury Apartment Communities in Florida Totaling $225M

2026-08-04T14:39:54Z

GREENWICH, CONN. — The Richman Group, a multifamily owner and operator based in Greenwich, has obtained loans for the refinancing of three luxury apartment communities in Florida totaling approximately $225 million. The deals include a $107 million loan via New York Life Investment Management (NYLIM) for The Marc in Palm Beach Gardens; a $72.5 million loan from NYLIM for Everly in Naples; and a $45.5 million loan from Reinsurance Group of America Inc. for Vista Sur in South Miami. All three loans are underwritten with 10-year terms, fixed interest rates and five years of interest-only payments. Each loan exceeds the amount of their original construction loans, according to The Richman Group.

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Home Depot to Open First Store in Southern Maryland

2026-08-04T14:35:57Z

CALIFORNIA, MD. — The Home Depot has purchased 13.5 acres within Lexington Exchange, a 140-acre mixed-use park situated along Three Notch Road (Md. Route 235) in California. The Atlanta-based retail giant plans to open a new store at the site, representing the company’s first store in southern Maryland. Baltimore-based St. John Properties Inc., the master developer of Lexington Exchange, sold the site to The Home Depot for an undisclosed price. Alex Lyons and Bill Holzman handled negotiations for St. John Properties internally, and Greg Ferrante of Segall Group represented The Home Depot. The size of the store and target opening date were not released. The Home Depot is the latest retailer coming to the lineup at the mixed-use development, joining tenants including Aldi, Royal Farms, Chipotle Mexican Grill and RC Theatres. Lexington Exchange currently features five buildings spanning 120,000 square feet of flex/research-and-development space and 65,000 square feet of retail. The park is configured to support approximately 600,000 square feet of commercial space. St. John Properties and development partner Chaney Enterprises are currently marketing several pad sites within Lexington Exchange to retail users in the healthcare, banking and food-and-beverage segments.

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Regions Originates $64.3M Agency Refinancing for Apartment Community in Monroe, North Carolina

2026-08-04T14:33:47Z

MONROE, N.C. — Regions Real Estate Capital Markets has originated a $64.3 million Freddie Mac loan for the refinancing of Elevate Rocky River, a 360-unit apartment community in Monroe, about 28 miles southeast of Charlotte. Andrew Buckley was Region’s loan originator on behalf of the borrower, Greensboro, N.C.-based Signature Properties Group. The fixed-rate loan has a 10-year term, 35-year amortization schedule and a six-year period of interest-only payments. Built in 2024, Elevate Rocky River comprises one- and two-bedroom units, as well as a pool, fitness center and a clubhouse with a lounge and business center.

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Landmark, Peninsula Deliver 826-Bed Student Housing Project Near University of South Carolina

2026-08-04T15:45:09Z

COLUMBIA, S.C. — Landmark Properties and Peninsula Investments have delivered Narrative at Columbia, an 826-bed student housing community located about one mile from the University of South Carolina (USC) campus. The 197-unit property is located at 1050 Idlewild Blvd., near Williams-Brice Stadium, the home football stadium of the USC Gamecocks. Narrative at Columbia features a mix of two- to six-bedroom, fully furnished apartments. Amenities include a clubroom, resort-style pool, hot tub, gaming lawn, cabana and hammock grove, outdoor grilling areas, sand volleyball court, jumbotron, wellness suite and a 24/7 fitness center, as well as private study rooms, shuttle rides to campus and a computer lounge. The development team began welcoming residents on Aug. 1. The design-build team includes Athens, Ga.-based architect E+E Architecture and Landmark Construction, the in-house construction division of Landmark Properties, which is also headquartered in Athens. With Narrative at Columbia, Landmark now owns and operates approximately 2,300 student housing beds in Columbia, with another 800 beds under development.

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JLL Secures $213M Refinancing for Chicago Office Tower

2026-08-04T13:35:56Z

CHICAGO — JLL Capital Markets has secured a $213 million refinancing for 360 North Green, a 500,000-square-foot office tower in Chicago’s Fulton Market. Lucas Borges, Geoff Goldstein, Danny Kaufman, Kelly Gaines, Emma Berner and Ryan Planek of JLL secured the three-year loan through Barings on behalf of the borrower, institutional investors advised by J.P. Morgan Asset Management and Sterling Bay. Designed by Gensler and delivered in 2024, 360 North Green rises 24 stories and features two outdoor terraces per floor, a 4,000-square-foot roof deck, 6,500-square-foot fitness center, outdoor conference space and the Adalina Prime restaurant. The property is currently 76 percent leased and home to tenants such as Boston Consulting Group and Greenberg Traurig.

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Northmarq Arranges $52.1M in Financing for Maple Knoll Apartments in Westfield, Indiana

2026-08-04T13:35:15Z

WESTFIELD, IND. — Northmarq has arranged debt and equity capital totaling $52.1 million for Maple Knoll Apartments, a 300-unit, garden-style community in Westfield. Annamarie Bjorklund and Cody Field of Northmarq arranged the financing on behalf of the borrower, Hudson Investing, through a repeat equity partnership with Torchlight Investment and Freddie Mac. Hudson plans a comprehensive renovation at the property. Built in 2007, Maple Knoll Apartments features 18 three-story buildings situated on nearly 24 acres. The community offers one-, two- and three-bedroom floor plans averaging 1,002 square feet.

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Newmark Brokers Sale of 51,795 SF Retail Condo along Chicago’s Magnificent Mile

2026-08-04T13:34:23Z

CHICAGO — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The asset occupies the base of the historic, 37-story Palmolive Building. The four-level property is 68.8 percent leased by luxury retailers. Originally built in 1929 and renovated in 2005, the Palmolive Building features retail, office and residential condominiums.

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Friedman Properties Completes Riverwalk Replacement at Reid Murdoch Building in Chicago

2026-08-04T13:33:42Z

CHICAGO — Friedman Properties has completed reconstruction of the riverwalk at the Reid Murdoch Building in Chicago’s River North neighborhood. Together with renovations at River Roast, the forthcoming opening of The Carlyle Club and prior ground-level improvements, the updates represent approximately $15 million in recent investment at the property, which features a 300-foot riverwalk connecting Clark Street to LaSalle Drive. The latest renovation nearly doubled the width of the previous riverwalk and introduced a series of 10-foot-tall double doors in the south elevation, creating new opportunities for outdoor dining and improving pedestrian circulation. The work also included new precast piers, railings, lighting, integrated planters and improved access from the river level for visitors arriving by boat. Coinciding with the redevelopment of the riverwalk, operator Levy Restaurants has completed renovations of River Roast, the 28,000-square-foot riverfront venue located in the building. The restaurant’s main event space, which has been rebranded RR Events, now features a new riverside entrance with a curved grand staircase, dual-sided bars and upgraded lighting fixtures, furniture, flooring and tableware. The renovation also added Corner Roast, a new coffee concept with its own entrance. Friedman also closed a lease with The Carlyle Club, scheduled to open at the…

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Geringer Capital Sells 267-Unit Apartment Community in Mesa, Arizona

2026-08-04T14:14:15Z

MESA, ARIZ. — Geringer Capital has sold Avia 266, a 267-unit apartment community in Mesa, to San Diego-based ColRich for $52.4 million, including the assumption of an existing HUD loan. ColRich will rename the property The Remy. Matt Pesch, Asher Gunter and Austin Groen of CBRE represented the seller in the deal. Completed in 1984, The Remy features one- and two-bedroom units in a low-density garden-style design. Community amenities include two pools and spa areas, a 24/7 fitness center, outdoor courtyard with recreation and gathering spaces, resident clubhouse with a community kitchen, package lockers and a fenced dog park.

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IPA Brokers 138-Unit Apartment Complex in California’s Inland Empire for $36.7M

2026-08-04T14:06:06Z

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $36.7 million sale of Terramonte at Foothill, an apartment property in the Inland Empire city of Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two pools, sundecks, a spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.

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Marcus & Millichap Arranges $12.5M Sale of Affordable Seniors Housing Community in Southern California

2026-08-04T15:45:14Z

LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer. Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking. Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction.

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