South End vs. NoDa: where the spread compressed in 2025

The 80-bps spread between South End and NoDa office in 2023 reflected two things: a tenant-quality gap and a perceived security premium. Both have eroded.

Three credit tenants signed in NoDa in 2024 alone. The corridor now has its own ground-floor retail anchor in the form of a regional grocer, which materially de-risks the night-life-leaning operator concentration.

For private capital, the implication is straightforward: stop underwriting NoDa at a discount you cannot empirically defend. Two trades in our pipeline are priced to that read.