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Toby Cobb, co-founder and managing partner, also sees a herd mentality emerging around five-year, floating-rate loans. 
Borrowers and lenders continue to be held back by higher interest rates and a lack of clarity on valuations, notes an advisory executive.
Portfolios under the magnifying glass
The structural shifts in the market are changing the way capital is deployed into different property types and locations.
As the retail apocalypse ends, the office Armageddon begins, says Toby Cobb, co-founder of the national real estate investment trust. 
The Beverly Hills-based firm has been most active in opportunity zones in recent years as part of this focus.
Negative leverage is becoming more pervasive – but it is also providing borrowers with a lifeline for a brighter day.
Dallas cityscape
The Dallas-based manager’s latest whitepaper highlights the banking pullback and the perception of the US office sector as areas in need of a deeper dive.
The manager is also seeing distressed opportunities amid tightening borrowing markets.
The imminent sale of a Class A Downtown Manhattan office will provide another important metric.
The shift comes as borrowers and lenders think creatively about ways to finance transactions in a volatile market.  

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