Hey Everyone,
I have an interview coming up with a group that has a portfolio entirely comprised of office assets.
Aside from the asset class, everything for this role looks great on paper. Is there any positive spin I can make for going into office CRE as an analyst?
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You will become intimately familiar with portfolio/asset management and how you think strategically about some very difficult things. You'll be doing a lot of workouts with lenders and will become very comfortable handling those, which is super valuable. You might also walk away with an idea of how to make money in office. Or not. But you'll have a much better chance of that than someone who never thinks about office (me, for example).
Office is a complicated asset class, so you will form a great knowledge base that can be applied to your entire career. How to structure leases, understanding recovery structures, how to execute a business plan, what is accretive to value vs. not, etc. You do not have to stay in office your whole life by any means and opens many doors within the mixed-use world as well. You do not have to decide office will be your entire career path at your first job
I assume you mean non-office mixed-use (like retail + multi)... if so why do you say it opens doors to mixed-use?
Most mixed-use developments are going to be a mix of office/multi/retail/hospitality. Office is struggling as a whole, but trophy office will continue to be a major portion of those developments. If you can understand and work on office given the complexity, most of the other product types are much simpler in comparison, albeit hospitality is a different animal.
Wait, which city. And Equity or Debt?
Can’t imagine a lender with a book of entirely office loans would be in good shape…
You think Equity would be fairing better?
My most hated asset class pre and post pandemic.
Honestly hope office goes away forever. Or at least til I’m done with my modeling years. Multifamily, industrial and hospitality are just so much easier to model. If I start having to get into Argus and model 80 tenant office buildings, I’m genuinely fucked. I’ve been working in RE for almost 7 years and haven’t had to deal with that garbage
Getting PTSD thinking about those days. Urban Class B/C office towers are some of the worst memories of my life. Tons of different lease structures, small tenants, hugely capital intensive... nightmare fuel
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