Question · Q3 2025
Amy Yi Li inquired about the concentration of remaining deliveries and lease-ups in urban versus suburban areas, and where future development might be concentrated if interest rates decline.
Answer
Chief Investment Officer Matt Birenbaum noted that for the next year, urban sub-markets still have more deliveries than suburban ones (with exceptions like Northern California and New York), though the gap is narrowing. He suggested that future development economics favor suburban sub-markets, but entitlements are more challenging there. He also mentioned monitoring urban core office-to-multifamily conversions, which could provide quicker supply if incentives make them viable.