Market Rankings

Rationale

NYC Midtown / Hudson Yards is the strongest trophy income lane in this scorecard, with availability tightening and SASB debt execution evidence for landmark assets.

Rationale

Downtown NYC is primarily a conversion play on the right assets, with in-place office viable only where credit tenancy and reset basis are preserved.

Rationale

Boston Seaport / Back Bay remains a trophy income lane with structured vacancy evidence and submarket discipline around Downtown and suburban weakness.

Rationale

SF SoMa is an AI-demand lane, not a broad Bay Area office recovery call; the thesis depends on trophy-quality buildings and direct tenant evidence.

Rationale

Chicago CBD has deep distressed pricing evidence, but the lane is conversion specialist or opportunistic basis-reset only, not broad recovery.

Rationale

Charlotte Uptown / South End is a structured Sun Belt office recovery lane supported by finance-anchor demand, positive absorption, and Midtown / South End vacancy evidence.

Rationale

DFW Trophy vacancy is a bright spot inside a high-vacancy market, but Dallas gateway and TXSE support remain incremental thesis evidence until primary hiring and leasing support is preserved.

Rationale

Houston has structured evidence of severe Energy Corridor / Westchase availability and functioning pockets, making it a basis-reset lane rather than a clean recovery market.

Rationale

Austin CBD / Domain is a premium-node screen inside an elevated-vacancy metro, with Downtown and Domain requiring separate vacancy, leasing, and tenant evidence.

Rationale

Denver Downtown's structured vacancy evidence makes it one of the weakest major CBDs; any allocation belongs in proven suburban corridors or basis-reset value-add, not broad CBD recovery.

Rationale

RTP / I-40 vacancy is impaired, while Downtown Durham and Six Forks are defensible pockets; the scorecard is not a broad Triangle office recovery ranking.

Rationale

Washington DC has structured vacancy, negative absorption, and zero-pipeline evidence; the lane is conversion-led adjustment rather than clean recovery.

Rationale

Oracle Neuhoff and tech demand support a selective tenant-credit lane, but CBD stress and suburban campus risk prevent a broad Nashville office call.

Rationale

San Diego Torrey Pines / UTC is a specialty office lane tied to life-sciences and defense nodes, not a general office recovery market.

Rationale

Premium Miami office rent and tenancy evidence supports a watchlist node thesis, but current support is too thin for core office recovery export.