BBXPBXP, Inc.

BXP owns premium offices in a handful of major cities — the segment the market spent years leaving.

Remote work changed the office market irreversibly but unevenly: companies cut space, and those that remain move into better buildings — newer, better served, better located. The gap between a quality office and an ordinary one is wider than ever.

The company's portfolio sits precisely in that upper segment, and that is its protection. But the trust's economics come down to something else: leases were signed years ago, and those expiring now are renegotiated in conditions where the tenant takes fewer square feet and fit-out costs more. Risks: interest rates, debt and the lease expiry schedule. The trust form obliges distributing profit.