Michael Thom Discusses the Opportunities for Commercial Real Estate Investments in Benzinga
Obermayer partner Michael Thom, who specializes in public and private financing of commercial real estate properties, was interviewed by Benzinga in connection with the hottest investment strategies for commercial real estate (CRE). In the article, titled “Commercial Real Estate Investors With Cash Continue To Bet On Interest Rates Coming Down,” published on August 7, 2023, Mike weighs in on the opportunities for investments despite the rising interest rates, the staggered economy, and empty office space buildings.
Asked about the empty office spaces, and if there are actually deals out there, Mieke stated:
“Yes, because if you can get a good deal and have a good team in place, you can still find companies to come in. If you want to transition to residential or mixed-use, that depends on what kind of zoning relief you can get. If you turn it into apartments, there’s some good money there but only if the municipality allows it to happen. There are some places you can get the land and the building for nothing. In other places, potential rents would make it worthwhile.”
As for the current CRE market in Philadelphia, Mike responded:
“Warehouse and industrial, as well as single-tenant buildings, are flying. Some of my clients are buying office space, but most of them are only buying for a specific use and they already have companies ready to move in. We aren’t seeing investors buying a property because they just want to get into the market.”
Read the full interview here.
Mike represents clients across many industries, ranging from individuals to small businesses to large developers and financial institutions. He has substantial experience in acquiring and developing value-added real estate, and the financing, leasing, and transactional matters associated with it.