If industrial assets are the hero in the net lease sector's pandemic story, office assets are the villain. The asset class is in a state of total flux, and investors on the State of the Industry: Post-Pandemic Recovery panel at the GlobeSt.com Net Lease conference were wary. Most of speakers said they are opting to avoid the asset class until the dust settles.

Most investors—and attendees—agreed that most companies would adopt a hybrid work model. The biggest question for panelists: what does that mean? Is hybrid one or two days per week in a headquarters office? Is it one day a month? Is it regional offices? Less space? No one knows the answer to these questions yet. Most companies are still curating an appropriate work schedule. "Office is stuck with a lot of questions," Daniel Taub, SVP and national director of retail and net lease divisions at Marcus & Millichap, said.

Gino Sabatini, managing director and head of investments at W. P. Carey, agreed that offices would transition to some sort of hybrid work model, but he believes that it will ultimately diminish demand.