According to a survey performed by FlexJobs between March and April 2021, the data revealed that 65% of respondents said they want to remain full-time remote workers after the COVID-19 pandemic. Meanwhile, 58% of workers said they would “absolutely” look for a new job if they cannot continue remote work.
While it is hard to predict how this may shake out, in the meantime, here are two office REITs with high-yielding dividends.
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Creative Media & Community Trust Corp CMCT offers a forward dividend yield of 6.13% or 34 cents per share annually, utilizing quarterly payments with an inconsistent track record of increasing its dividends.
Creative Media & Community Trust is a real estate investment trust that owns, operates and develops multi-family and creative office assets in the U.S.
- As of Sept. 30, 2022, CMCT’s real estate portfolio consisted of 19 properties, all of which were fee-simple properties, including one office property in which the firm has an approximate 44% ownership interest through an investment in an unconsolidated joint venture.
- The portfolio includes 13 office properties, four development sites, totaling approximately 1.3 million rentable square feet and a 503-room hotel with an ancillary parking garage.
Paramount Group Inc. PGRE offers a forward dividend yield of 5.33% or 31 cents per share annually, using quarterly payments with an infrequent track record of increasing its dividends.
Paramount Group acquires, manages and redevelops office properties in the central business district submarkets of New York City, Washington D.C. and San Francisco.
- Paramount Group operates at least 11 properties, and as of its third quarter, it leased 288,554 square feet, of which the company’s share was 215,922 square feet leased at a weighted average initial rent of $82.76 per square foot.
- Most of Paramount’s real estate portfolio is located in Manhattan, New York in terms of total square footage.
The Future of Office Space: With a majority of the workforce not willing to return to the office, what will happen to office space?
This can be answered by mixed-use facilities, as urban areas are experiencing a revival of these developments which makes the most out of its square footage by blending residential, commercial, cultural, institutional or entertainment into one space. This allows operators in urban environments to conserve space and better serve their tenants.
To read about the latest developments in the industry, check out Benzinga’s real estate home page.
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