The good news in office space: occupancy has been on the rise. But any CRE professional watching the markets knows about the shoe that next drops—it's going to take a good amount of time—11 quarters, according to Costar and the National Association of Realtors—for things to get back to normal and all the space to be absorbed. If it ever all is.
That leaves property owners and operators wondering what will eventually happen and how many workers will be dragged into traditional office space.
One hope is that space can be converted to other uses. An attractive possibility would be industrial, given how hot the sector has been. But the path from the particularities of office construction to warehouses and distribution centers is not so easy, according to a new analysis from Prologis.
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