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Morgan Stanley cautious on NYC-exposed office REITs

Jun. 13, 2017 9:15 AM ETSL Green Realty Corp. (SLG) StockSLG, PGREBy: Stephen Alpher, SA News Editor1 Comment
  • The stocks of players like SL Green (NYSE:SLG) and Paramount Group (NYSE:PGRE) are pricing in no rent growth, but rent are actually likely to fall a bit over the next 12-18 months, says analyst Vikram Malhotra,
  • At most risk are those REITs with midtown and high-end exposure, as the vast majority of relocating tenants are doing so from midtown.
  • He downgrades SL Green to Equalweight from Overweight, and Paramount to Underweight from Equalweight.

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