For office investment sales in 2024, the glass is either half empty or half full—and we're not talking about occupancy levels, although that's certainly part of the equation. It's mostly about buying properties at a favorable price point like a Silicon Valley office campus that has been sold.

Sellers can console themselves by accepting the reality that the new normal for office valuations is much lower than it was before the pandemic. Buyers are placing bets on properties that previously were prime locations, hoping these bargains eventually will regain their lost value.

In struggling markets, each transaction is scrutinized as a benchmark—for pricing by sellers in the short term and optimism by buyers in the long term.