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REIT Investors Target Specialty Developers
As mounting corporate layoffs and a deepening recession leave few brightspots in the office-property market, investors are trying to find a safe haven inspecialty developers.The move toward office niche such as biotechnology and data centers is givingreal-estate investment trusts like Digital Realty Trust Inc. (DLR), Corporate OfficeProperties Trust (OFC) and Alexandria Real Estate Equities, Inc. (ARE) a competitiveedge in a down market. Investors think demand from these sectors willremain consistent as a weak economy wrecks havoc in the financial servicesindustry.“The fundamentals are going to be negative probably for most of this year” foroffice property, said Gus Seasongood, co-manager of the Huntington MortgageSecurities Fund, who focuses on REIT investments.“We’re going through rough times ... Anyone that has developed a new buildingcertainly will have trouble leasing up the property,” Seasongood said. He notedthat he expects pressure on rents.