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First Axis

Industry

Real estate

Occupiers want less empty space and more flexibility. Owners still carry buildings financed under older assumptions.

An owner and an architect stand in a vacant floor beside a foam model of the building.
An owner and an architect stand in a vacant floor beside a foam model of the building.

What is changing

  • Use of space has changed faster than leases and floorplates.
  • Debt cost and exit cap rates punish a vague asset plan.
  • Energy use is now part of the tenant conversation and the valuation.

How we work here

We help owners and occupiers decide what to keep, what to convert, and what the building has to earn. The work joins the asset, the tenant, and the balance sheet.

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