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Urban Pacific - SM Format (12)

"However, despite increased focus and investment in Class A housing, Class B and C buildings (commonly known as “workforce housing”) have had lower vacancy rates since as far back as 2016.

The increased need for affordable housing across the country, coupled with the COVID-19 pandemic, in which many renters of urban luxury assets left expensive hub cities, has led to a dramatic increase in vacancy and a decline in rents net of concessions in Class A buildings and have left many of those eye catching amenities to sit empty (presumably the bees have stayed though).

What was once a safe asset class [Class A product[, deserving of extremely low cap rates and mediocre yield-on-cost targets for ground-up developments, is no longer a safe harbor in challenging economic times."

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