CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax Q2 REIT earnings: What we’re seeing across industrial, retail, office, and multifamily
Aug 7, 2025
This discussion provides a revealing look into Q2 earnings across various REIT sectors. Insights into the industrial sector highlight trends in leasing and economic strategies. The hosts analyze key earnings from major players, including successes and challenges in the office market. They also explore retail performances, revealing rising optimism despite some misses in net income. The exploration of small format retail properties showcases resilience and growth potential, touching on strategic shifts in response to market dynamics.
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Build-to-Suit Boom And Tenant FOMO
- Prologis sees a surge in build-to-suit deals and 95.1% occupancy.
- Management says tenant competition can flip deferment into fear of missing out.
Low Industrial Starts Lift Pricing Power
- Prologis flagged 10-year low development starts and rising replacement costs.
- Management views depleted pipeline and higher build costs as supports for renewed pricing power.
High Leasing Spreads And Tight Markets
- First Industrial reported 8.7% same-store NOI growth and 94.7% occupancy.
- Management warns tariff uncertainty still slows some tenant decisions despite strong fundamentals.