In the long term, if offices begin to adopt socially distant layouts, several scenarios could play out, some of which could be positive for office properties, the report said.

Under one scenario, some tenants, after reconfiguring their space to allow for social distancing, will maintain their existing footprint and allow some employees to work from home every day or on a rotating basis. This will not have a material effect on the office market until a significant number of leases begin to expire, the report said, adding companies may begin to reevaluate their office space needs once their lease expires.

But it remains to be seen whether landlords will be able to pass the costs associated with reconfiguring an office space along to tenants, the report said, as property owners may be incentivized to absorb these costs to attract and retain tenants.

Under another scenario, companies that view returning many employees into the office as too risky may reduce the number of employees in an office "to such a degree that would allow them to reduce their footprint," the report said. It cited a CoreNet Global survey that showed 69% of corporate real estate professionals said their company will take up less real estate after spending time working from home.

The report cited Reis' estimates, which projected that by the end of 2022, nationwide office vacancy will peak at approximately 20.2% and improve to 19.1% by the end of 2024. "The recession and trend toward leasing less office space could contribute to the nationwide increase in office vacancy that Reis is projecting," the report said.

Another possibility, the report said, is that some companies may require all employees to work in the office and will lease more space to accommodate social distancing. "We believe this is less likely to occur because it would increase costs significantly," which may not be prudent during the recession, the report said.

Overall, the report said that the coronavirus pandemic, through social distancing measures, could lead office tenants to stop shrinking, which would slow or reverse the drag on the office market. "But, if remote work and virtual meetings last beyond the pandemic and result in shrinking corporate footprints, an office market already reeling from an economic downturn could face a troublesome decreased demand for space," it said.