The Latest on the Office Sector, Leasing Trends and Biggest Risks
The headwinds facing the office sector are weighing on office demand and changing the way physical space is used. How is this impacting the office properties across the US? What should we expect going forward for this evolving sector?
Topics:
- What is the current state of the leasing market for office properties? How has "Work from Home" impacted leasing activity?
- Which sectors and types of companies are more active than others when it comes to signing new leases or renewing office space?
- Which markets are feeling the stress more than others?
- How is volatility in capital markets - reflective of rising interest rates impacting transaction activity and valuation estimates?
- What are the expectations for profitability, loan performance and other key credit metrics in the current environment?
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SpeakersKeith Banhazl Managing Director, Head of Commercial Real Estate Finance Moody’s Ratings
Kevin Fagan Senior Director, Head of CRE Economic Analysis Moody's
Ranjini Venkatesan Vice President - Senior Credit Officer, US REITs, CFG Moody's Ratings
Darrell Wheeler Vice President - Senior Credit Officer, Head of CMBS Research, Commercial Real Estate Finance Moody's Investors Service
Glen Weiss Executive Vice President ‐ Office Leasing and Co-Head of Real Estate Vornado Realty Trust
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Kevin is a senior director and Head of CRE Economic Analysis at Moody’s, responsible for research, thought leadership and strategic initiatives for the Moody's CRE group, with a focus on capital markets and climate risks. He’s the industry member chair of the Commercial Real Estate Finance Council ESG and Sustainability Initiative. He was formerly director of CRE and CMBS research in the Moody’s Investors Service. Prior to joining Moody’s, Kevin held CRE research roles at ING Clarion and Jones Lang LaSalle. He also practiced as a structural engineer, designing large scale commercial buildings in California. Kevin holds an MS from the Massachusetts Institute of Technology and a BS from the University of Texas at Austin.
Ranjini Venkatesan is a VP Senior Credit Officer in the CRE-REIT team at Moody’s covering a portfolio of real estate investment trust (REIT) and real estate operating company (REOC) issuers. In addition, she is the sector specialist for office and data center REITs. Prior to joining the real estate finance team, Ranjini was a lead analyst in the Financial Institutions group at Moody’s focusing on financial guaranty and mortgage insurance companies. Before that, she was sellside equity research analyst at ABN Amro Asia.
Ranjini received her BSc. (Hons.) from University of Delhi, an MBA from Indian Institute of Management, Bangalore and a Master’s in International Affairs from Columbia University.
Darrell Wheeler manages CMBS and CRE CLO research for Moody’s Investor Services. He is renowned for developing mortgage-backed securities analysis and models that provide unique fundamental credit insights.
His structured finance experience is extensive, previously managing the structured finance research of S&P Global Ratings, Citigroup Global Markets and Cantor Fitzgerald. He is a past member of CREFC’s Board of Governors and currently participates in CREFC’s editorial board. He has contributed research to numerous publications, including CREFC’s E-primer.
Glen Weiss is Executive Vice President – Office Leasing and Co-Head of Real Estate at Vornado Realty Trust.
Mr. Weiss oversees all leasing activity in New York, Chicago and San Francisco, including Vornado’s 20 million square foot Manhattan portfolio, the 3.7 million square foot Mart in Chicago and the 1.8 million square foot 555 California Street complex in San Francisco. He manages a leasing team of both internal and external brokers and oversees the negotiation of all office leasing transactions.
Mr. Weiss is also jointly responsible for Vornado’s operating real estate business and is actively involved in all development, acquisition and disposition activities.
Mr. Weiss has been associated with Vornado and the Mendik Company, which Vornado acquired, for his entire career. He first joined Mendik in 1986 as a 16 year-old Summer Porter at 11 Penn Plaza, and continued as an intern through high school and college. In 1992, Mendik appointed him as an Assistant Building Manager and he went on to become Building Manager at 1740 Broadway and 11 Penn Plaza. In 1998, following Vornado’s acquisition of Mendik, he transitioned to leasing, and in 2007 he was appointed to lead the group.
Mr. Weiss was 2010 Chairman of the Young Men’s/Women’s Real Estate Association and is a member of the Real Estate Board of New York’s Seminar Committee. He has received community recognition on several occasions, including the 2010 New York Cares Corporate Community Outreach Award, the 2012 Big Brothers Big Sisters Real Estate Award, the 2014 REBNY Young Person of the Year, and the 2018 Diabetes Research Institute Leadership Award.
Mr. Weiss earned his B.A. from the University of Delaware and his M.B.A. from Pace University.