We believe significant dislocation in office lending has created compelling opportunities for investors. Today’s market presents the potential to achieve income-driven, equity-like returns by primarily investing in senior first mortgage loans secured by quality U.S. office properties and supported by robust credit metrics.
Return to Office and Improving Fundamentals
Companies across industries have intensified a push for greater workplace presence to foster engagement and collaboration. The graphic to the right illustrates a small, cross-sector sample of the 61% of U.S. firms¹ that have implemented formal return-to-office (RTO) policies to align with these evolving expectations. Further, according to CBRE’s 2025 Americas Office Occupier Sentiment Survey, employers have recognized the importance of enticing employees back to the office and are investing heavily in amenity-rich workspaces to support RTO strategies and meet attendance goals.
These trends have resulted in significant office leasing momentum as activity has nearly doubled relative to COVID lows – and not just within well-noted markets like New York and Miami. JLL’s U.S. Office Market Dynamics Q3 2025 report identified that 18 U.S. markets have exceeded pre-pandemic leasing activity levels, and seven more have returned to over 90% of those thresholds, signaling that recovery is playing out across a wide range of cities.
Read the full ‘Thought Leadership’ article at the link below
Supporting documents
Click link to download and view these filesOut of distress comes opportunity: The return to office credit
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