FirstTeam Real Estate opens Monterey office on California Central Coast
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · AI-assisted
FirstTeam Real Estate has expanded to California’s Central Coast with a new community office in Monterey led by broker-owner Amber Russell of Over the Moon Realty, Inc. , the company announced on Monday. Russell and h…
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