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Connect CRE · Boston · Office

Ryan Demadis Joins IPA Capital Markets in Boston

Via Connect CRE · July 20, 2026
Compiled by Real Estate Trail Editorial · July 20, 2026

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. Boston life sciences absorption has moderated from its 2021-2022 pace, and the market is working through a meaningful Cambridge sublease overhang. Multifamily and trophy office remain durable. 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

Excerpt from Connect CRE:
IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, has hired Ryan Demadis as a managing director in its Boston office. Demadis w…
Read the full article at Connect CRE

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