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'Slow and bumpy return to office' but physical occupancy at highest since pandemic: Manulife US REIT

Jovi Ho
Jovi Ho5/9/2022 10:25 AM GMT+08  • 2 min read
'Slow and bumpy return to office' but physical occupancy at highest since pandemic: Manulife US REIT
Manulife US REIT's new CEO Tripp Gantt. Photo: Manulife US REIT
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Manulife US REIT points to a “slow and bumpy return to office” as occupancy declined slightly to 91.7% in 1QFY2022 ended March 31, 2022. Weighted average lease expiry (WALE), meanwhile, declined to 5.0 years.

This is compared to 92.3% and 5.1 years respectively as at the end of 2021.

The dip is due to two tenants “giving back more than 20,000 sq ft of space”, says management. A legal tenant vacated its space in Class A office building Peachtree in Atlanta due to downsizing and an information company left the sector completely, returning its space at 10 Exchange Place in New Jersey.

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