Have you ever imagined negotiating an asset and discovering that the used one costs more than the new one? A cellphone, a car, a computer… It would be great to buy the latest iPhone at a lower price than an older model. Sounds absurd, right? Well, in the corporate real estate market, this unlikely logic actually happens.

Unlike consumer goods, the pricing of a commercial asset does not depend solely on its age, but mainly on risk and the owner’s urgency. There is an almost intuitive expectation that “new” means better. However, in real estate, a newly delivered development has not yet “proven itself.”

When a property enters the market, it is usually completely vacant, with no occupancy history, no established cash flow, ongoing operational costs, and the need to repay initial investment debts. For this reason, many companies prefer stabilized assets with a consolidated market...