With most buildings empty or nearempty from coast to coast, office investors put a brave face on thefuture of the sector—"it's still alive," "not going anywhere," "assoon as there is a vaccine we will be back tonormal."
But underneath, they are nervous."It better come back because, we have a lot of money in them." Andsome tenants are asking for rent concessions and forbearance. Thisretrenchment is nothing like the ongoing retail debacle, but it'sconcerning and will eat into NOI. Long-term leases offerprotection, but any pending rollovers are fraught.
In short, the virus is havingshort-term impacts, which could bleed into long-termones.
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