OPI - Office REIT stocks suffer biggest drop since April as return of office hopes dim

The S&P Composite 1500 Office REIT Index falls 5.2%, its biggest decline since April 1, 2020, as a new variant of the COVID-19 virus provides another reason to delay heading back to the office. Even before the latest variant emerged in South Africa, many executives were already saying that office work model had changed for good. "I don't see a future where we go back to the office five days a week," Matthew Kelly, CEO of office REIT JBG Smith (NYSE:JBGS), said at the NAREITweek conference earlier this month. REITs in gateway markets like New York, San Francisco, and Los Angeles are falling the most — SL Green (SLG -7.3%), Paramount Group (PGRE -7.8%), Office Properties Income Trust (OPI -7.5%), Boston Properties (BXP -6.6%), and Vornado (VNO -5.8%). Sunbelt and other REITs aren't faring much better — Highwoods Properties (HIW -6.4%), Cousins Properties (CUZ -5.1%), City Office REIT (CIO -7.0%). Also

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Office REIT stocks suffer biggest drop since April as return of office hopes dim