Prime US Reit gets a boost in Q3 from new acquisitions as leasing activity gains momentum

PRIME US Reit OXMU said its leasing activity more than trebled in the third quarter ended September, compared to the preceding quarter, amid "positive signals" in the US office market and wider US economy.

The manager of the real estate investment trust (Reit) reported that it executed 187,076 square feet (sq ft) of leases in Q3, at positive rental reversion of 19.1 per cent. This compares to the more than 52,000 sq ft of leases executed in Q2 at a positive rental reversion of 10.5 per cent.

Barbara Cambon, chief executive office and chief investment officer of the Reit manager, said at a briefing on Friday (Nov 5) accompanying its operational updates for the quarter: "A real landmark, especially for those of our buildings where we are targeting larger tenant spaces and looking for long-term leases, is that there's been a return in the third quarter of evidence showing long-term lease decisions are now being made.