What damage the office market was likely to sustain following the pandemic has already been done, with a full return to office five days a week unlikely, Marcus & Millichap CEO Hessam Nadji said during an interview on CNBC.
"We're seeing more and more companies mandate return to office … but the obsolescence of office buildings was already a problem pre-pandemic, and the pandemic just accelerated it," Nadji said.
Retail has undergone a similar shift, but it was much easier to reimagine shopping centers that were old and obsolete to other uses. It is much more expensive to re-use and re-format office buildings, he said.
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