BXP - Cousins Properties: If You Want To Own An Office REIT Pick This One
- The Omicron variant of COVID-19 appears to have fueled a drop in office occupancy among white-collar workers.
- Offices in the Sun Belt took a shallower hit from the pandemic, and they have recovered faster than coastal gateway markets.
- CUZ's entirely Sun Belt portfolio is well-positioned to benefit from corporate reallocation of space from coastal markets to Sun Belt markets.
- Performance has been strong this year, as rates on new leases have gone up double-digits over previous rent rates.
- Ultimately, though, I view CUZ as the best house in a bad neighborhood.
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Cousins Properties: If You Want To Own An Office REIT, Pick This One