CBDs "are not completely dead," but Colliers is seeing more interest in suburban markets.

Developers are dealing with absorption issues by exploring multi-story solutions.

The best office candidates for industrial conversion tend to be older suburban assets with an average land area of 15 to 25 acres and located within four miles of a major highway.

Having the borrower and lender agree on the property's pro forma cash flow early in the underwriting process is key to expediting closings.

There are risks at both ends of the price spectrum, it says.

Franchising and management agreements with revenue sharing will become more common next year.

But new business formation is expected to give the asset class a boost.

The sustainable office sector is supported by significant tailwinds that should continue to drive both cash flow and valuation premiums.