KORE reports strong leasing velocity, targets 'full steam ahead' on acquisitions

THE manager of Keppel Pacific Oak US Reit (KORE) said it is seeing strong leasing velocity across its portfolio of office properties, even as less than half of its tenants have physically returned to the office amid the Covid-19 pandemic.

"On average, we're looking at about 46 per cent of the portfolio that has returned to the office," said David Snyder, chief executive officer and chief investment officer of the real estate investment trust (Reit) manager, in a briefing on Thursday (Jan 27) following its FY2021 results announcement. "That is due in large part to our locations. If we were in New York City or San Francisco, we'd have a much lower percentage that would have actually returned to the office by today."

The Reit manager on Jan 26 said it had committed approximately 250,454 square feet (sq ft) of office space in the Q4 ended December, bringing full-year leasing to over 730,619 sq ft, or some 14.3 per cent of its total portfolio by net lettable area.