They say “Buy Low” but using what metric?

If you underwrite an office property using yesterday's rents and TI requirements, yeah, you may be buying low. But if you consider that the calculus of office space has changed, and in reality, we don’t know where it’s going to settle, is buying comparatively low, enough?

And it’s not limited solely to office - we’re in a state of technological flux.

It may seem that you’re getting a steal of a deal “with leases in place” but consider that you’re making a 5-10 year investment and the next buyer, well, they’ll have to pay you more than you paid for the property.

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