San José Fights for Opportunity Zones 2.0 Tracts as State Backs 15 of 36 City Picks
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. Washington office has been a leading conversion market in the cycle, with multiple downtown Class B assets entering office-to-residential programs in the last twelve months. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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San José officials lobbied Sacramento and Washington to secure 36 priority census tracts under the newly permanent federal Opportunity Zones 2.0 program, but the state's initial cut included just 15 of them, leaving t…
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