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NYC Opportunity Fund, LLC
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=== Office === * Office properties have been the most surprising asset class. Sales values have increased since the pandemic, rising 8% from pre-pandemic levels. That being said, these averages were drawn over only 5 sales per quarter during the pandemic, compared to some of the pre-COVID quarters which had more than triple the amount of sales. * Although the 2Q21 availability rate of 19.2% represents a post-2000 high and net effective rents have dropped 10.8% from April 2020 to June 2021, we have already seen signs of stabilizing since March 2021, signaling that demand has incrementally risen. * There has no doubt been a flight to quality with 82.8% of the leasing activity happening at Trophy and Class A properties compared to a combined 72% pre-pandemic level. * 1.5 MSF of sublet space has already come off the market as companies rethink their plans. '''The companyโs strategy is to invest in boutique offices in the most sought out neighborhoods, especially in within walking distance of good transportation. Opportunities will no doubt arise from owners who are facing high vacancy and are unable to refinance at their current levels.'''
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