SAN FRANCISCO—A majority of US office buildings are eithervacant or only partially occupied due to COVID-19. But in themonths ahead, class-B and -C buildings face the biggestchallenges.
This is because those buildings tend to be occupied by smallbusinesses that are less likely to recover from the economic impactof the health crisis. But at the same time, owners of thesebuildings also have an unprecedented opportunity, says Mark Hefner,CEO and shareholder of MGO Realty Advisors, which is advisingcompanies about how to quickly pivot during this challengingperiod.
"Healthy owners who have the capital and vision to adjust cantransform their buildings into spaces that are most in demand rightnow, for example, warehouses for e-commerce companies," Hefnersays.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
