Manulife US Reit’s portfolio occupancy falls to 78.7% in Q1

MANULIFE US Real Estate Investment Trust (MUST) posted a portfolio occupancy of 78.7 per cent for the first quarter ended March, down from 84.4 per cent as at end-2023.

On Wednesday (May 8), the pure-play US office real estate investment trust’s (Reit) manager said this was largely due to its major tenant TCW Group’s lease expiry at the Figueroa asset in Los Angeles, which involved 189,000 square feet (sq ft) of space.

Notable leases executed over the quarter included motoring giant Hyundai’s expansion of 31,000 sq ft of space for an additional five years at Michelson in Irvine, and professional services group Deloitte’s executed new lease at Capitol (18,000 sq ft) in Sacramento for a period of 12 years.