White Paper
Out of Distress Comes Opportunity:
The Return to Office Credit
January 2026
Credit
Amid today’s favorable valuation environment, we believe real estate credit offers historically attractive risk-adjusted return potential.
Additionally, the U.S. office market is signaling a recovery -- and expanded opportunities for investors. Senior credit opportunities within the office sector may be particularly compelling.
Key Takeaways:
- Positive return-to-office and leasing trends, limited new supply, and stabilizing interest rates are supporting the office recovery.
- Market dislocation has created senior first mortgage lending opportunities with historically attractive yield potential and conservative structures.
- Enhanced downside mitigation may be available by lending on lower property valuations and stronger credit metrics.
CIM 5100831