The Globe and Mail reports in its Wednesday, June 21, edition that Canaccord Genuity analyst Mark Rothschild has lowered his recommendation for Dream Office REIT to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Rothschild cut his unit target back by $1.50 to $14. Analysts on average target the units at $16.33. Mr. Rothschild says Canadian office fundamentals have "weakened further in 2023, with a near-term recovery unlikely." Mr. Rothschild issued his downgrade following Monday's close of Dream Office's $193.8-million substantial issuer bid. Mr. Rothschild says in a note: "Since the beginning of the pandemic in 2020 and continuing into 2023, office vacancy rates across Dream Office's markets have risen, driven by a slower pace of leasing activity as many companies implemented hybrid work policies, combined with a large volume of new supply. More recently, concerns about weaker economic growth has weighed on the pace of leasing, even with greater emphasis on employees returning to the office. ... In our view, Dream Office owns a well located portfolio concentrated in downtown Toronto, which would have significant value, particularly for redevelopment, over the long term."