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Why More Investors Are Seeking Office Buildings in Secondary Markets

May 12, 2021

Investors seeking higher yields on office acquisitions than core markets could provide have been realigning their investment strategies to target smaller markets over the last decade, as many Sunbelt cities saw high population growth. The pandemic, which expanded remote working opportunities, at least in the short term, accelerated migration to smaller markets in warm climates with a relatively low cost of living and high quality city life. As a result, employers are following the talent and investors are following the employers.

Some major investors have recently announced plans to focus on growing secondary and tertiary markets, including Highwoods Properties, an office REIT based in Raleigh, N.C., and the newly formed Cohen & Steers Private Real Estate Group, a dedicated private real estate investment team of New York-based global investment manager Cohen & Steers Inc.
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