仲量联行研究部资深董事、中国区物流地产研究负责人曾丽指出："深圳出海企业已从渠道巩固阶段， 迈向品牌打造与本地化深耕。这不仅推动企业扩充出海相关团队，也带动了海外营销、支付结算、跨境 物流等配套服务企业加速布局。这类企业更倾向于选择资源配套完善、贴近核心客户的高品质办公空 间，预计相关需求将保持较强韧性，成为深圳办公楼市场的重要增量来源。" 对于后续市场走势，仲量联行预判，未来12个月内深圳甲级办公楼市场将迎来超百万平方米的新增供应 入市。不过，需注意的是，部分金融、科技企业因迁回自建新总部，可能缩减在市场化甲级办公楼项目 的租赁面积，短期内市场存量去化压力或出现阶段性上升。 采写：南都·湾财社记者 孙阳 南都·湾财社记者从仲量联行获悉，2025年第三季度，深圳甲级办公楼市场迎来六个新项目入市，合计 供应约38万平方米，主要集中在前海与后海片区。值得关注的是，部分企业正利用租金回调的窗口期， 以更具成本效益的方式升级办公空间；与此同时，出海赛道与科技企业的发展带动了结构性回暖，成为 推动需求端修复的重要力量。 "随着深圳科技企业加速向价值链高端转型，企业对研发迭代效率、团队协作质量及产业生态联动的重 视程度显 ...

Demand and Market Trends - Demand for premium office spaces in North Sydney is strong, with a net absorption of 80,690 sqm leading to a decrease in vacancy rates from 17.8% to 15.7% as of mid-2025[13] - The average prime net rental rate in North Sydney increased by 2.3% year-on-year to $930/sqm[7] - The vacancy rate for premium assets tightened to 0.9%, highlighting a significant market performance differentiation[14] Supply and Development - North Sydney's total office stock stands at 912,690 sqm, with premium assets now comprising 43% of the total, up from 27% a decade ago[16] - The next major supply addition in North Sydney is the Victoria Cross OSD, expected to be completed in Q1 2026, with an additional 55,000 sqm[17] - Macquarie Park's overall vacancy rate reached a historical high of 22.2% as of July 2025, with a net absorption of -30,890 sqm in H1 2025[25] Incentives and Rental Rates - Average incentives in the North region have risen to 40%, impacting effective rental rates, which have decreased by 1.4%[19] - In Chatswood, the average prime net rental rate increased by 2.5% to $647/sqm, while secondary net rental rates remained stable at $520/sqm[48] - The average effective rent for premium assets in Chatswood decreased by 6.7% to $328/sqm due to rising incentives[48] Investment Activity - The North Shore market has seen limited transaction activity since 2023, with only two significant deals in 2024, indicating a shift in investor focus towards core CBD assets[57] - Current premium yields in North Sydney are reported at an average of 7.25%, with a yield spread of 122 basis points compared to Sydney CBD, the highest on record[58] - Investor confidence is increasing as financial markets stabilize, with various groups seeking to deploy capital for attractive entry points[59]

Financial Data and Key Metrics Changes - Revenue increased by 2.7% compared to 2024, while FFO decreased to $0.37 per share and AFFO decreased to $54,500,000 [15] - Same property cash NOI was down 1.1%, primarily due to a large property tax refund in the prior year creating a tough comparison [15] - G&A expenses remained low at approximately 4.9% of revenue relative to the benchmark group [15] - Guidance for 2025 net income per common share diluted is expected to be between $0.07 and $0.11, with FFO per fully diluted share narrowed to between $1.43 and $1.47 [15] Business Line Data and Key Metrics Changes - The office portfolio leased 973,000 square feet, including over 300,000 square feet of new leases, achieving positive absorption for three of the last four quarters [6][13] - The multifamily portfolio maintained full occupancy with cash NOI growth exceeding 10% [7] - Average leasing costs during the second quarter were $6.06 per square foot per year, remaining below the average for other office REITs [13] Market Data and Key Metrics Changes - The office leasing pipeline is robust, with remaining office expirations in 2025 and 2026 below historical averages [13] - The residential portfolio remained essentially fully leased at 99.3% with strong demand [14] Company Strategy and Development Direction - The company is focused on four key growth strategies: leasing up the office portfolio, redeveloping properties, re-tenanting Studio Plaza, and augmenting the portfolio with best-in-class properties [7] - Plans to convert a recently acquired 10,900 square foot office property into 320 apartments in the Westwood submarket, aiming to enhance property value and reduce office vacancy [8][10] - The company has addressed all 2025 debt maturities and is refinancing 2026 debt maturities at competitive rates [9][12] Management's Comments on Operating Environment and Future Outlook - Management has not seen any impact on leasing from macroeconomic concerns, with strong results in both office and residential portfolios [6] - The company remains optimistic about leasing activity, despite challenges in the market [25] - Management noted that the LA tech scene is primarily driven by the entertainment industry, with expectations for growth in medical research and quantum computing due to significant investments [51][52] Other Important Information - The conversion of the 10,900 Wilshire property is expected to cost approximately $200 million to $250 million, with the first apartments anticipated to be delivered in the next 18 months [10] - The company is experiencing a strong market response to the revitalized Studio Plaza project, with ongoing renovations and tenant occupancy [11] Q&A Session Summary Question: Leasing activity versus occupancy and lease rate - Management acknowledged a wide gap between leased and occupied space, indicating strong leasing activity despite a decrease in occupancy [18][20] Question: Lease rate and timing of NOI contributions from Studio Plaza - Management did not disclose specific leasing stats but expressed satisfaction with the leasing velocity and anticipated NOI contributions over time [29][30] Question: Guidance for full-year occupancy - Management maintained guidance for the full year at $78 million to $80 million, expressing confidence in achieving this range [38] Question: Yield on all-in costs for 10,900 Wilshire - Management indicated confidence in achieving a yield around 10% upon completion of the project [40] Question: LA's overall economic outlook - Management believes the apartment sector is performing better than expected, while office performance remains challenging but on track [49] Question: Impact of California's entertainment tax credits - Management noted limited visibility into the impact of tax credits on demand, as they primarily deal with administrative offices rather than studios [75] Question: Demand from recent catalysts in LA - Management reported a strong leasing pipeline, attributing increased demand to companies returning to office spaces [80]

Financial Data and Key Metrics Changes - Revenue increased by 2.7% compared to 2024, while FFO decreased to $0.37 per share and AFFO decreased to $54,500,000 [14] - Same property cash NOI was down 1.1%, primarily due to a tough comparison with the previous year which included a large property tax refund [14] - G&A expenses remained low at approximately 4.9% of revenue relative to the benchmark group [14] - Guidance for 2025 net income per common share diluted is expected to be between $0.07 and $0.11, with FFO per fully diluted share narrowed to between $1.43 and $1.47 [15] Business Line Data and Key Metrics Changes - The office portfolio leased 973,000 square feet, including over 300,000 square feet of new leases, achieving positive absorption for three of the last four quarters [5][12] - The multifamily portfolio maintained full occupancy with cash NOI growth exceeding 10% [6] - Office rental rates remained steady with low concessions [5] Market Data and Key Metrics Changes - The overall straight-line value of new leases signed increased by 2.4%, while cash spreads decreased by 13.3% [12] - The residential portfolio remained nearly fully leased at 99.3% [13] Company Strategy and Development Direction - The company is focused on four key growth strategies: leasing up the office portfolio, redeveloping the Brentwood apartment property, re-tenanting Studio Plaza, and augmenting the portfolio with high-quality properties [6] - Plans to convert a recently acquired 10,900 square foot office property into 320 apartments in the Westwood submarket were announced, aiming to enhance property value and reduce office vacancy [6][9] Management's Comments on Operating Environment and Future Outlook - Management noted no impact on leasing from macroeconomic concerns, with strong results in both office and residential portfolios [5] - The leasing pipeline is robust, with remaining office expirations in 2025 and 2026 below historical averages [12] - Management expressed optimism about leasing activity despite challenges, indicating a strong pipeline and a focus on larger deals [20][25] Other Important Information - The company has addressed all 2025 debt maturities and is refinancing 2026 debt maturities at competitive rates [7] - The total project cost for the conversion of 10900 Wilshire is expected to be approximately $200 million to $250 million [9] Q&A Session Summary Question: Leasing activity versus occupancy and lease rate - Management acknowledged a significant gap between leased and occupied space, indicating strong leasing activity but longer timelines for larger deals [19][20] Question: Lease rate and timing of NOI contributions from Studio Plaza - Management did not disclose specific leasing stats but confirmed positive velocity in leasing and anticipated NOI contributions over time [30] Question: Overall view of LA's economy and demand for real estate - Management noted that while residential rents are high, their specific market segment remains strong, and they expect to meet their performance expectations for the year [44][48] Question: Impact of California's tax credits on demand - Management indicated limited visibility into the impact of tax credits on demand, as they primarily deal with administrative offices rather than studios [75] Question: Timeline and NOI drag from 10900 Wilshire conversion - Management confirmed that there will be a lag between tenant move-outs and new tenant move-ins, but they expect stable NOI contributions from the building [34][90] Question: Decision to convert 10900 Wilshire to residential - Management explained that the decision was based on unique building characteristics and market conditions, making conversion a cost-effective option [88][90]

Financial Performance - Total revenues decreased to $190 million from $218 million, primarily due to asset sales and lower office occupancy[7, 13] - Net loss attributable to common stockholders was $(83149) thousand, or $(041) per diluted share, compared to a net loss of $(47027) thousand, or $(033) per diluted share[7, 13] - FFO (excluding specified items) was $8 million, or $004 per diluted share, compared to $245 million, or $017 per diluted share[7, 13] - AFFO was $(61) million, or $(003) per diluted share, compared to $242 million, or $017 per diluted share[7, 13] - Same-store cash NOI decreased to $87096 thousand from $104120 thousand, primarily due to lower office occupancy[7, 13] Portfolio & Leasing - In-service office portfolio occupancy was 751% and leased was 762%[7] - In-service studio portfolio stage leased was 636% and total leased was 630%[7] - Excluding Sunset Glenoaks, studio total leased would have been 743% and stage leased 800%[7, 8] - Executed 72 new and renewal leases totaling 558055 square feet[13] Balance Sheet & Liquidity - Sold office property 625 Second in San Francisco for $28 million[11] - Repaid private placement notes totaling $465 million[13] - Raised $690 million through a common equity offering[13] - Unsecured revolving credit facility undrawn capacity was $775 million and unrestricted cash and cash equivalents were $236025 thousand, resulting in $1 billion of total liquidity[7, 15] - HPP's share of net debt to HPP's share of undepreciated book value was 313%[7, 15]

Core Insights - Vornado Realty Trust's second-quarter 2025 adjusted funds from operations (FFO) were 56 cents per share, exceeding the Zacks Consensus Estimate of 53 cents, but reflecting a 1.8% decline year over year [1][11] - Total revenues for the quarter were $441.4 million, falling short of the Zacks Consensus Estimate of $455.4 million, and representing a nearly 2% decrease year over year [2] Financial Performance - Total same-store net operating income (NOI) for the quarter was $260.8 million, up from $247.4 million in the prior-year quarter, with increases in the New York, THE MART, and 555 California Street portfolios of 1.8%, 57.7%, and 3.1% respectively [3][11] - The New York office portfolio saw leasing of 1,479,000 square feet at an initial rent of $101.44 per square foot, with a weighted average lease term of 6.8 years [4] - In the New York retail portfolio, 57,000 square feet were leased at an initial rent of $96.77 per square foot, with a weighted average lease term of 8.1 years [5] - At THE MART, 127,000 square feet were leased at an initial rent of $50.87 per square foot, with a weighted average lease term of 5.6 years [6] Portfolio Activity - A joint venture with a 55% interest sold 512 West 22nd Street, a 173,000 square foot office building, for $205 million [8] - Another joint venture with a 50% interest completed the sale of the 49 West 57th Street commercial condominium during the same period [8] Occupancy Rates - The total New York portfolio occupancy was 85.2%, down 310 basis points year over year, while THE MART's occupancy was 78.2%, up 130 basis points year over year, and 555 California Street's occupancy was 92.3%, down 220 basis points year over year [7] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $1.2 billion, an increase from $568.9 million as of March 31, 2025 [9]

Financial Data and Key Metrics Changes - The second quarter comparable FFO was $0.56 per share, beating analyst consensus of $0.53 per share and remaining flat compared to the previous year's second quarter [26] - New York office occupancy increased to 86.7% from 84.4% in the previous quarter, primarily due to a full building master lease at 770 Broadway [27] - The net debt to EBITDA metric improved by 1.4 turns to 7.2 times from 8.6 times, indicating a stronger balance sheet [23] Business Line Data and Key Metrics Changes - In the first half of 2025, the company leased 2,700,000 square feet overall, with 2,200,000 square feet in Manhattan office space [10] - The average starting rents for Manhattan office leasing were $97 per square foot, with mark-to-markets of plus 10.7% GAAP and plus 7.7% cash [10] - The company executed 27 deals totaling 1,500,000 square feet in Manhattan during the second quarter, with average starting rents of $101 per square foot [11] Market Data and Key Metrics Changes - The company operates primarily in Manhattan, which is considered the strongest real estate market in the country, with a focus on a smaller Class A better building market of 180,000,000 square feet [7][8] - Replacement costs for a Class A tower in Manhattan have risen to approximately $2,500 per square foot, with rents in the $200s now commonplace [8] - The leasing pipeline includes 560,000 square feet of leases signed or in negotiations, with over 1,000,000 square feet in various stages [21] Company Strategy and Development Direction - The company aims to focus on increasing its stock price and is considering selling non-core assets in Chicago and San Francisco for the right price [32] - The Penn District is viewed as a growth engine for the company, with plans for future development projects and rising rents [19] - The company is actively redeveloping 350 Park Avenue with Citadel as the anchor tenant, indicating a commitment to high-quality developments [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong demand and a landlord's market in Manhattan due to tight availability and no new supply expected through the end of the decade [9] - The company anticipates significant earnings growth by 2027 as leases at PENN1 and PENN2 come online [27] - Management noted that the financing markets are liquid, and they are actively refinancing their 2025 maturities, indicating confidence in future cash flows [28] Other Important Information - The company has generated $1,500,000,000 of net proceeds from sales, financings, and the NYU deal since the beginning of the year [23] - The company has completed several refinancing transactions, including a $675,000,000 refinancing of Independence Plaza and a $450,000,000 refinancing of PEN11 [22] Q&A Session Summary Question: How much of the pending leasing activity is geared towards PENN2 versus the rest of the portfolio? - Approximately 50% of the 1,400,000 square feet in the pipeline is at PENN2 [31] Question: Can you elaborate on the potential sale of The MART and 555 California? - The company views these assets as valuable and will sell them for the right price, but they are not actively marketing them [33] Question: What is the current physical occupancy and rent coming online in the next twelve months? - The company expects occupancy to increase to the low 90s over the next year, with significant income growth anticipated in 2027 [38] Question: How do you see the potential for NOI growth in the Penn District? - The company believes that as market rents increase, the existing inventory could generate significant NOI growth, potentially reaching $400,000,000 in five years [42] Question: What are the thoughts on dividend reinstatement? - The company expects to at least match last year's dividend of 74¢ per share and is considering a more regular dividend as the business environment improves [88]

Financial Data and Key Metrics Changes - The company reported net income of $18.3 million or $0.17 per share and FFO of $97.7 million or $0.89 per share for the quarter [24] - The midpoint of the 2025 FFO outlook has been raised by $0.02 to a range of $3.37 to $3.45 per share, reflecting a nearly 2% increase since the beginning of the year [11][27] - The debt to EBITDA ratio was 6.3 times at quarter end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity [26] Business Line Data and Key Metrics Changes - The company achieved 920,000 square feet of second-generation leasing in the quarter, including 370,000 square feet of new leasing [5][10] - The occupancy rate remained flat at 85.6%, while the leased rate increased by 80 basis points to 88.9% [10] - The company has forecasted $25 million of annual NOI upside from stabilizing its core four assets, with 50% of this upside already secured through signed leases [6][30] Market Data and Key Metrics Changes - The company noted strong demand in its key markets, particularly in Charlotte, Dallas, and Nashville, which are outperforming the national average [72] - Nashville reported the highest dollar-weighted average lease term at nine years, with GAAP rent growth of 23.8% and cash rent spreads of 12.4% [19] - The Tampa market has seen its fifth consecutive quarter of positive net absorption, with a healthy pipeline of future tenant move-ins [22] Company Strategy and Development Direction - The company aims to upgrade its portfolio quality by rotating out of slower growth properties into higher growth, more capital-efficient assets [4] - The development pipeline includes significant NOI growth potential, with over $10 million at Glenlake III and Granite Park VI, and over $20 million at 23 Springs and Midtown East [7][30] - The company is confident in the Ovation mixed-use development project, which is expected to create significant value for shareholders [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing environment, noting a return to office trends and a reduction in competitive supply [14] - The company anticipates steady occupancy growth through 2026, supported by signed leases and a strong development pipeline [85] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to capitalize on future opportunities [12] Other Important Information - The company received $3 million from the Florida Department of Transportation for roadway improvements, which was included in the FFO outlook [24] - The company wrote off nearly $1 million of predevelopment costs at sites where office use is no longer deemed optimal [25] Q&A Session Summary Question: Insights on guidance and other income items - Management indicated that there were $0.03 of headwinds in the updated outlook due to higher G&A and pushed interest income into future years, offset by $0.05 of NOI upside [34][35] Question: Acquisition opportunities in current markets - Management noted that capital markets are opening up, with more high-quality assets coming to market and narrowing bid-ask spreads [40][41] Question: Expectations for concessions and tenant improvements - Management stated that concessions have generally peaked, with net effective rents increasing, although variability exists by submarket [44][46] Question: Future leasing commissions and tenant improvements - Management expects elevated levels of leasing commissions and tenant improvements to continue, likely higher than previous years [50][52] Question: Factors affecting guidance range - Management highlighted expense timing and potential lease renewals as swing factors affecting the guidance range [56] Question: Competitive landscape for large RFPs - Management noted strong competition for headquarter space, with demand coming from various industries, including financial services and manufacturing [90][92]

Core Viewpoint - The real estate market in Chengdu is experiencing significant changes, including new policies aimed at promoting stability and health in the market, as well as fluctuations in transaction volumes for both new and second-hand properties [7][8]. Group 1: Land Market - No residential land was sold in Chengdu this week, but five residential land plots are scheduled for auction on August 8, covering a total area of approximately 210.8 acres [2]. Group 2: Transaction Data - Chengdu's new housing transactions from July 17 to July 23 showed a total of 1,272 units sold, with a total area of 34,165.33 m² on July 17, peaking at 36574.02 m² with 289 units sold on July 23 [3]. - The total number of second-hand housing transactions in Chengdu for the same period was 4,968 units, with a total area of 473,342.07 m², indicating an increase compared to the previous week [4]. Group 3: Pre-sale Information - A total of 21 pre-sale permits were issued in the greater Chengdu area this week, with 10 projects including residential units. Notably, a project in Longquan District launched six batches of units, with prices around 3 million yuan, which sold out quickly [5]. Group 4: Major Events - Chengdu's new real estate policy, effective from July 21, includes 17 measures to enhance market stability, such as gradually lifting housing sales restrictions and reducing the down payment ratio for second homes to 20% [7][8]. - The People's Bank of China reported a slight increase in real estate loan growth, with a total balance of 53.33 trillion yuan, reflecting a year-on-year growth of 0.4% [9]. - A report indicated that financing for 65 typical real estate companies reached 46.442 billion yuan in June, marking a new high for 2025, amidst ongoing debt restructuring efforts [10].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported core FFO of $0.22 per diluted share, with same store property cash NOI down 3% year over year [12][14] - Operating expenses increased by 8.8%, primarily due to higher real estate taxes and maintenance costs, but were partially offset by higher tenant reimbursement income [13] - The company revised its 2025 core FFO guidance to a range of $0.83 to $0.86 per share due to challenges faced by the Observatory [15] Business Line Data and Key Metrics Changes - The office leasing team leased approximately 232,000 square feet, including 202,000 square feet of new Manhattan office leasing at double-digit positive mark to market leasing spreads [8][17] - The Manhattan office portfolio is now 93.8% leased, an increase of 80 basis points from the previous quarter [18] - The Observatory generated $24 million in NOI in Q2, reflecting a 4.3% decline year over year, with visitation down 2.9% [8][13] Market Data and Key Metrics Changes - The multifamily portfolio achieved 99% occupancy and 8% year-over-year rent growth in Q2 [21] - The company noted a tightening supply of top-tier office space in Manhattan, creating a favorable supply-demand dynamic [19] - The net effect of rent increased by 2% over the last quarter due to longer average lease terms and higher starting rents [20] Company Strategy and Development Direction - The company emphasizes sustainability as a cornerstone of its business philosophy, aiming to lead in environmental stewardship [10] - The strategic focus includes leasing space, driving Observatory ticket sales, maintaining a strong balance sheet, and pursuing growth opportunities [90] - The company is actively pursuing acquisitions in prime retail locations, such as Williamsburg, to capitalize on long-term growth prospects [24][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the Observatory business due to bad weather and lower international demand but remains optimistic about the long-term fundamentals [23] - The company is confident in its ability to execute its strategies and create long-term value for shareholders [90] - Management noted strong demand for high-quality office space and a healthy pipeline of leasing activity [18][19] Other Important Information - The company has a strong balance sheet with low leverage, positioning it well to support leasing initiatives and capital allocation priorities [27] - The company is focused on enhancing guest experiences and operational efficiency at the Observatory [23] - The recent acquisition of a retail asset in Williamsburg reflects a disciplined approach to capital allocation [24][25] Q&A Session Summary Question: Can you talk about visitation trends for the Observatory and revised guidance? - Management noted 21 bad weather days in Q2 2025 compared to 8 in Q2 2024, impacting visitation and leading to a conservative guidance range [30][31] Question: Any potential headwinds from the mayoral race affecting leasing? - Management reported strong leasing activity and no signs of hesitation from prospective tenants despite political changes [34][35] Question: Are tenants concerned about space and renewing deals? - Management indicated a healthy pipeline of activity and noted that tenants are advised to move quickly due to reduced supply of quality space [42][44] Question: What are the return expectations for the Brooklyn acquisition? - The expected return for the Brooklyn acquisition is roughly sub 7%, with strong leasing interest already observed [51][53] Question: Update on the suburban office asset marketing process? - The suburban office asset remains on the market, with ongoing discussions and financing available [55] Question: Any change in tech tenant demand within the market? - Management reported broad-based demand across various industries, including tech, with no significant changes in tenant behavior [61] Question: Thoughts on the potential investment pipeline? - Management remains disciplined in evaluating new investments and recognizes the current market dynamics as creating potential opportunities [64][66] Question: Decision to add a family member to the board? - Management explained that the addition of George Malikin to the board was based on his qualifications and experience, enhancing the board's composition [70][72]