Talk about grim. PGIM Chief Executive Officer David Hunt's take on the future of office properties is dimmer than major east coast metro skylines have been in the face of all the wildfire smoke coming down from Canada, and that's saying a lot.

"We are going to have a big workout for that purgatory set over the next 24 months," Hunt said Wednesday at the Bloomberg Invest conference, as Bloomberg reported. "Prices will come down." And where they will really plunge is in older buildings.

Hunt predicted that 60% of buildings can't meet tenant or investor expectations in climate (read ESG) or hospitality (as in the ability to woo workers back into the office). They will require serious remediation to be competitive in a market that could well see lower need of office space. Newer properties built since 2016 that are in desirable locations already get good rents and will do find. And the bottom 20% of properties, if financed with non-recourse loans, will probably land back in the lender's lap.