Class A Office Outlook
What are your thoughts on the outlook for Class A office space?
It seems to me that demand will be on a permanently lower trajectory and that will lower rents overall. Land prices will need to decrease in turn. And while Class A office buildings will continue to have high occupancy rates, they will have more tenants, each with less space on average than they had a year ago.
How do you all think major office developers will perform over the next five years in this new environment? If they were targeting 18%'s pre-pandemic, might that come down a couple percent as a result of this transitional period?