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 for other uses. It is much more expensive to re-use and re-format office buildings, he said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
