Market Analysis Guide: Office Properties in 2025
The U.S. office property market is changing fast in 2025. Here’s what you need to know:
Vacancy Rates Are High: National office vacancy rates hit 19% in April 2025, with central business districts slightly worse at 19.2%. Lower-tier properties are struggling the most.
"Flight to Quality": Tenants are moving to high-quality Class A spaces, which have lower vacancy rates (8.2% projected by 2027) and higher rents - 84% more than Class B/C properties.
Construction Slows: Only 17 million square feet of new office space is expected in 2025, far below the 10-year average of 44 million. Conversions to residential are rising, with 71 million square feet planned or underway.
Regional Differences: East Coast and Sun Belt cities like Miami, Austin, and Nashville are outperforming West Coast markets like San Francisco and Los Angeles. Suburban areas are gaining traction.
Economic Impact: Interest rates are easing, job growth is steady, and leasing activity is up 15% year-over-year but remains below pre-pandemic levels.
Key Opportunity Areas:
Invest in Prime Properties: Class A spaces in strong markets are seeing demand and rising rents.
Explore Conversions: Office-to-residential projects are growing, with strong financial potential.
Leverage Data Tools: Advanced analytics can help forecast trends, evaluate properties, and improve decision-making.
Takeaway: The market is stabilizing, but success depends on targeting high-quality assets and understanding regional trends. Early action in prime locations or conversions could yield strong returns.
Key Trends Shaping Office Properties in 2025
Prime vs. Commodity Office Assets Performance Gap
The office market is splitting into two distinct paths: Class A buildings are thriving, while Class B and C properties are falling behind. This isn't just about looks - it's reshaping how investors approach the market nationwide.
As of Q1 2024, prime office spaces had a vacancy rate of 14.8%, which is 4.5 percentage points lower than their non-prime counterparts. Between Q1 2020 and Q1 2024, prime properties absorbed 49 million square feet of space, while non-prime properties lost a staggering 170 million square feet [7].
The rent gap is just as telling. Prime office rents are now 84% higher than non-prime rents, a clear sign of what tenants are willing to pay for top-tier spaces with cutting-edge amenities that encourage employees to return to the workplace [7].
“Our prediction is that within a few years, [trophy buildings] will essentially be out of space.”
Nearly 60% of companies surveyed by CBRE are considering moving to higher-quality spaces [7]. But it’s not just about luxury finishes - tenants are prioritizing convenience, accessibility, and locations that align with their workforce's needs.
“Demand isn’t just for premium finishes but also for convenience, accessibility, and locations that align with workforce needs. Even newly constructed offices can sit empty if they fail to meet these criteria.”
For Class B and C properties, the picture is much bleaker. Landlords of these buildings are often forced to lower rents to compete with the growing supply of sublease spaces. Concessions have also increased, with their value now accounting for 26% of U.S. lease terms [6].
“Class B and C offices are struggling. Strategies depend on the owner and location. Some explore conversions to residential or mixed uses, while others restructure or hold out for better conditions. Some properties are so obsolete they’re not attractive for further investment.”
These dynamics are also driving regional shifts in demand.
Regional Market Shifts and Demand Patterns
The map of office demand is being redrawn. While West Coast markets are lagging behind, the East Coast and Sun Belt regions are seeing more activity. Additionally, there's growing interest in suburban locations over traditional downtown hubs, creating fresh opportunities for investors.
Manhattan recorded the lowest office vacancy rate in the Northeast at 16.2%, while Miami emerged as a leader among U.S. markets with a 15.5% vacancy rate [3]. Austin continued to dominate office development in the South, attracting both tenants and investors [3].
The shift to suburban areas is particularly striking. Companies are gravitating toward mixed-use suburban nodes rather than central business districts, offering employees better work-life balance. However, this trend varies by region. For example, gateway markets are seeing movement within their established business districts, while Sun Belt cities are leaning toward entirely new suburban developments [8].
Smaller tenants, those seeking spaces between 10,000 and 20,000 square feet, are driving much of the leasing activity, favoring suburban locations with easier parking and lower costs compared to downtown areas [1].
Recovery timelines also differ by region. New York City is seeing major leases signed, but West Coast markets like Los Angeles, San Francisco, San Diego, and Seattle are recovering more slowly [6]. This uneven rebound presents unique opportunities for investors willing to take calculated risks in underperforming areas.
“It’s important to note that the 19% vacancy [in Q3 2024] is not spread evenly across markets. Major gateway downtown markets have been hit hardest, but even within those markets, the best quality space is often outperforming the overall market metric. It is a varied story market to market and even within submarkets.”
Meanwhile, the slowdown in new construction and an uptick in office-to-residential conversions are reshaping supply dynamics.
Construction Limits and Office Conversion Effects
New office construction has slowed to a crawl, creating supply constraints that are likely to shape the market for years. JLL projects a 73% drop in new U.S. office completions from peak levels [9]. In 2024, new office inventory in central business districts fell 42% year-over-year, reaching just under 4 million square feet - the lowest since 2016 [3].
At the same time, office-to-residential conversions are gaining momentum. These projects now represent about 40% of all planned adaptive-reuse developments nationwide [12]. As of Q3 2024, 71 million square feet - or 1.7% of U.S. office inventory - was either planned for or actively undergoing conversion [10].
The impact of these conversions is significant. Since 2016, office-to-multifamily conversions have added 28,000 units to the U.S. housing market, with another 38,000 units in the pipeline if all current projects are completed [10]. Cities are embracing these projects as a way to address multiple urban challenges. For instance, Chicago allocated $151 million in April 2024 to convert four office buildings, creating about 1,000 new apartments from nearly 2.3 million square feet of space [11].
This shift is creating scarcity for high-quality office spaces. By Q1 2024, only 22 million square feet of prime office space was under construction, with many projects delayed until 2027 [7]. The combination of fewer new builds and ongoing conversions is driving up competition for top-tier spaces.
“The decline in construction in many markets and increasing competition for top-quality space in the best locations will lead to a greater focus on redevelopment / retrofitting and a stronger demand for emerging hotspots and next-tier assets.”
With fewer options available, both tenants and investors need to act quickly to secure prime spaces. The window of opportunity is closing fast.
Economic Factors and Financial Performance Metrics
U.S. Economic Outlook Impact on Office Real Estate
The U.S. economy is projected to grow by 2.6% in 2025 and 2.1% in 2026, setting a somewhat uncertain stage for the office real estate market [17].
Inflationary pressures have limited interest rate cuts to just 75 basis points over 24 months [17]. Meanwhile, the 10-year federal bond rate is expected to decline from 4.44% in 2025 to 3.95% by 2029, which could gradually reduce borrowing costs [17].
Shifts in consumer confidence add another layer of complexity. In February 2025, the University of Michigan consumer sentiment index fell by 9.8%, landing at 64.7, while The Conference Board's consumer confidence index dropped seven points to 98.3 - the sharpest monthly decline since August 2021 [17]. These fluctuations could impact business expansion plans, which in turn affect demand for office space.
On a more positive note, the office sector gained 31,000 jobs in April 2025, marking the strongest monthly increase since December 2024 [3]. This uptick supports demand for office real estate [17].
“The industry is poised to be in a better place compared to the last few years. It appears that the landing will be relatively soft, so that should mean continued positive momentum for economic activity, benefiting leasing and income drivers, including rents and occupancies.”
However, recovery remains uneven across regions, making it crucial for investors to assess both national and local economic conditions when evaluating office properties [4]. These economic trends highlight the importance of closely monitoring financial performance metrics.
Key Financial Metrics for Market Analysis
Economic conditions have a direct impact on key metrics in the office real estate market, which is currently in a state of transition. Performance varies significantly depending on property type and location.
Vacancy rates in central business districts hit 19.2% in April 2025, a sharp increase of 730 basis points since 2020 [3]. However, the overall vacancy rate has recently eased, dropping to 20.0% after three quarters of record highs [2].
Rent trends present a mixed picture. The average U.S. office listing rate reached $33.34 per square foot in April 2025, up 5.4% year-over-year, even amid weak demand and high vacancy rates [3]. That said, office properties have seen the slowest rent growth among commercial real estate types, with an increase of just 0.7% [13].
Leasing activity remains subdued, still 30% below pre-pandemic levels [13]. On the bright side, the pace of tenants shedding space has slowed, and some markets are seeing a reduction in total office space available for lease [18].
Office property values have taken a hit, declining 14% over the past year [13]. Office REITs have been particularly hard-hit, with share prices dropping an average of 43% since the end of 2020. In contrast, retail REITs and industrial REITs have seen gains of 12% and 18%, respectively [15].
Sublease space has surged by nearly 130% since Q2 2020, reaching 210 million rentable square feet - far exceeding the previous peak of 147 million rentable square feet during the 2009 recession [15].
Capitalization rates (cap rates) remain a critical consideration for investors. Higher cap rates can indicate greater risk but also higher potential returns, while lower cap rates suggest more stable, lower-yield investments [14]. In today’s volatile market, investors must carefully assess whether higher cap rates signal genuine opportunities or underlying challenges with specific properties.
Despite these hurdles, office investment demand has increased by 57%, and leasing interest has risen by 11% [16]. Office-focused REITs also saw a 30% stock price increase in 2024 [16].
The debt landscape, however, presents a significant challenge. Approximately $600 billion in loans are maturing annually through 2028, amounting to $2.3 trillion in total. This creates substantial refinancing pressures for property owners [13].
Using CoreCast for Financial Modeling
Underwriting in CoreCast
In this evolving environment, CoreCast’s financial modeling capability offer crucial insights for investors. With 88% of commercial real estate executives anticipating revenue growth in 2025 [13], precise financial forecasting is more important than ever for making informed investment decisions.
The platform provides detailed underwriting tools to address the complexities of office property evaluation. Custom models help analyze factors like sublease competition, conversion opportunities, and the widening gap between high-quality and lower-tier assets. By integrating real-time market data, these tools deliver accurate cash flow projections and return estimates.
Asset management tools allow property owners to track key performance indicators systematically. As market conditions shift, firms can easily adjust which metrics they prioritize, ensuring they stay aligned with current realities [14].
The platform also enables investors to dive deep into local market dynamics, such as employment trends and competitive pressures - an essential capability given the uneven recovery across regions. For those exploring alternative strategies or value-add opportunities, the models can assess the financial feasibility of various scenarios.
Additionally, reporting tools simplify the process of communicating complex market dynamics to stakeholders. By combining traditional metrics like vacancy rates and rent growth with comprehensive insights, these tools help maintain investor confidence and secure financing.
For smaller investors or those new to office property analysis, free financial models provide a solid starting point. These templates cover everything from acquisition evaluations to return calculations and market comparisons.
CoreCast’s approach goes beyond traditional financial analysis, offering a deeper understanding of how economic trends, market dynamics, and property-specific factors interact to shape performance. This comprehensive perspective is essential for navigating the challenges and opportunities in office real estate investment in 2025.
Market Demand Assessment and Forecasting Methods
Tenant Demand and Lease Renewal Analysis
Businesses are leaning toward high-quality, amenity-rich office spaces while cutting back on overall square footage. This flight to quality trend highlights a shift where companies are downsizing but upgrading to better locations [20].
By 2025, smaller tenants occupying 10,000–20,000 square feet are expected to account for over half of total demand [19]. These companies are prioritizing features like advanced access systems, natural light, collaborative workspaces, and proximity to public transit [20]. Trophy properties with cutting-edge amenities continue to dominate the market.
Financial stability is becoming a key factor for tenants when evaluating landlords, reflecting broader economic uncertainty [19]. Interestingly, Q4 2024 saw the most stable office absorption in two years, with nearly half of U.S. markets experiencing growth [19]. A strong pipeline of tenants is expected to boost leasing volume by 5% in 2025 [19].
Return-to-office mandates are also driving demand. Research from JLL shows that 44% of global real estate decision-makers now require employees to be in the office five days a week, up from 34% just two years ago [6]. This shift may lead some businesses to expand their office footprint or upgrade to better spaces to accommodate full-time staff.
Meanwhile, Class B and C properties are seeing increased interest from cost-conscious sectors like government, healthcare, and education. Leasing activity for these buildings grew from 29% in 2023 to nearly 32% in 2024 [6]. However, landlords of lower-tier properties may need to reduce rents to stay competitive as demand shifts toward higher-quality spaces [19]. These evolving trends are setting the stage for more precise market forecasting through advanced scenario analysis.
Trend Forecasting with Scenario Analysis
Building on tenant demand trends, scenario analysis has become an essential tool for refining market predictions. Yet, 40% of companies skip this step, leaving opportunities for investors who model diverse market scenarios [21].
Effective scenario analysis examines a range of market conditions and evaluates their impact on financial performance, including balance sheets and profit-and-loss statements [22]. For office properties, this involves modeling workforce trends based on real-time data while factoring in economic shifts, industry disruptions, and demographic changes [23].
The importance of this approach is underscored by current market dynamics. During an EY webcast, 77% of respondents identified changes in customer behavior as the biggest forecasting risk. This has prompted investors to model various tenant behavior patterns, such as accelerated return-to-office mandates, continued adoption of hybrid work models, and potential economic downturns [22].
A practical approach to scenario planning includes three key scenarios:
Optimistic: Faster-than-expected economic growth, increased office mandates, and strong demand for premium spaces.
Baseline: Gradual recovery with selective tenant expansion.
Pessimistic: Economic challenges, ongoing space reductions, and intensified sublease competition.
“But through agile scenario analysis, you can turn change into an opportunity to re-align your business plans and chart the best course for the future - no matter what that future might look like.”
To strengthen predictions, sensitivity testing should be applied to key variables such as vacancy rates, rental growth, and cap rate fluctuations. For example, vacancy rates in top-tier buildings are projected to return to pre-pandemic levels of 8.2% by 2027, providing a basis for modeling recovery timelines and assessing potential impacts on returns [19]. Geographic diversification is another critical factor, as recovery patterns vary across regions, requiring tailored performance scenarios for different markets.
CoreCast’s Demand Forecasting Tools
To put these insights into action, CoreCast offers specialized tools designed to enhance forecasting. With concessions now averaging 26% of U.S. lease terms, accurate modeling of tenant incentives and their influence on cash flows is crucial [6].
The platform's custom financial models utilize machine learning to track lease trends, rental rates, and concession packages across markets [24]. These models analyze historical tenant behavior, renewal rates, and current conditions to improve lease renewal predictions compared to traditional methods [24].
For investors focusing on the flight-to-quality trend, these tools evaluate the financial impact of property upgrades and amenity investments. With businesses increasingly prioritizing environments that support employee well-being and productivity, the models help quantify returns on investments like smart building technology, wellness features, and flexible workspaces [20].
Additional features include:
Asset management tools: These track metrics such as tenant inquiries, lease renewal rates, and competitive positioning, enabling property owners to adapt strategies as market conditions change.
Market research capabilities: Investors can analyze local employment trends, industry concentrations, and competitive supply. With coworking spaces gaining traction, the platform can model tenant mix scenarios and their effects on property performance [6].
The platform also incorporates AI-powered tools to assess tenant financial stability. By analyzing payment history, business health, and lease compliance, it predicts potential risks like defaults [24]. For smaller investors or those new to office property analysis, free financial models provide templates for basic demand assessments, including tools for analyzing tenant turnover, calculating effective rents after concessions, and comparing properties across quality tiers.
Reporting tools simplify complex demand forecasts for stakeholders and lenders, a critical feature in today’s uncertain market. Advanced users can leverage scenario modeling capabilities to test various recovery timelines. As Amber Schiada, head of work dynamics research for the Americas at JLL, cautioned:
“Tenants waiting too long may face limited options in the next three to five years.”
These tools empower investors to model supply constraints and evaluate their influence on rental growth potential, ensuring they stay ahead in a competitive market.
Growth Opportunities and Investment Strategies
Prime Location and High-Quality Asset Targeting
The current shift in the office market toward premium properties presents promising opportunities for investors. Office asset values have dropped by 40%, and cap rates have widened by 200 basis points, creating appealing spreads for top-tier assets [25]. CBRE Research has described this significant market correction as a "generational reset in basis" for strategic investors [18].
Even as the broader market faces challenges, prime properties are standing out. Rental rates for these assets are climbing, and their vacancy rates remain much lower, reflecting strong tenant demand [25]. Historical data supports this trend: acquisitions during previous downturns saw returns of 82% (1991–1993) and 67% (2009–2011), suggesting that current prime investments could yield similar performance [25]. CBRE Research has noted, "the highest returns this cycle will be achieved during the coming quarters" [25].
Supply constraints on trophy spaces are another factor benefiting early investors. Julie Whelan, global head of occupier research at CBRE, has predicted that "within a few years, [trophy buildings] will essentially be out of space", which is already leading to longer lease terms and supporting new developments [6]. Location is key, as tenants are gravitating toward "vibrant properties that are continuing to lease well in walkable CBDs and dynamic suburban locations" [18]. Markets with a healthy balance of supply and demand, especially those with strong job growth, offer the best opportunities. Cushman & Wakefield has observed that "for more modern, well-located office properties in particular, this period of relative dislocation could prove fleeting" [18]. Investors should focus on next-generation properties that incorporate advanced technology and environmentally friendly features, while using active asset management to enhance their value over time [4].
While premium properties offer strong potential, exploring property conversions can also provide attractive returns.
Conversion and Redevelopment Opportunities
Office-to-residential conversions stand out as one of the most promising opportunities for 2025. These projects are expected to deliver 70,000 new apartment units and convert 77,700 office spaces, with an 81-million-square-foot pipeline as of May 2025 [27][28][29].
The financial case for conversions is strong. Construction costs typically range from $250,000 to $300,000 per unit [27], and the ongoing shift toward high-quality office spaces leaves many Class B and C buildings as prime candidates for redevelopment [27]. Over 70% of planned conversion projects are targeting multifamily units, aligning with the broader market's focus [29].
Several successful examples highlight the potential of these strategies. The Tribune Tower in Chicago has been transformed into 950,000 square feet of mixed-use space, including retail, public areas, and modern residences [28]. Similarly, The Care Tower in Los Angeles is being redeveloped into housing, benefiting from minimal structural changes needed to meet seismic codes [28]. Government incentives, such as tax abatements and zoning reforms, further enhance the returns on these projects. For instance, the Ames Center in Arlington, Virginia, is revitalizing the Rosslyn area by converting two underused office towers into a mixed-use development [28].
Research shows that redevelopment strategies often outperform traditional hold approaches. Development PME is at 1.24, redevelopment PME at 1.23, while stabilized assets achieve only 1.06 PME [26]. As EBI Consulting explains, "the most successful office strategies are intentional from the start. Acquiring a property with a clear redevelopment plan delivers stronger returns than holding and hoping for appreciation" [26]. Ideal properties for conversion are typically midsize, midrise buildings with narrow floor plates and plenty of natural light [30]. In suburban areas, mixed-use redevelopment can transform outdated office parks into vibrant live-work-play communities, especially in high-demand rental markets [27].
CoreCast’s Market Research Applications
CoreCast’s tools provide detailed insights into these investment opportunities. Its custom financial analysis tools evaluate the complex economics of both premium property acquisitions and conversion projects, factoring in the 40% drop in asset values and expanded cap rates [25].
For prime location investments, the platform analyzes local employment trends, supply-demand dynamics, and tenant preferences to pinpoint markets with strong growth potential. It also models the lower vacancy rates of premium properties and projects rental increases across different submarkets, offering a comprehensive view of investment potential [25].
On the conversion side, CoreCast’s specialized tools estimate construction costs (typically $250,000 to $300,000 per unit) while considering government incentives and zoning regulations [27]. Its asset management features help investors create clear redevelopment plans, a strategy endorsed by EBI Consulting. The platform also emphasizes the importance of thorough due diligence, as CBRE warns that "due diligence [is] even more important during this cycle, as asset types and locations perform differently" [25][26].
The platform's reporting capabilities simplify the financing process, which is especially critical given the surge in CMBS office debt issuance in 2025 - the highest first-quarter total since 2007 [18]. Its financial tools allow investors to compare prime property acquisitions with conversion projects using consistent metrics, helping them allocate portfolios based on risk and return goals. Scenario modeling features enable stress-testing for various recovery timelines, interest rate changes, and tenant demand scenarios, ensuring that investment strategies remain adaptable to shifting market conditions.
Conclusion and Key Takeaways
Summary of Actionable Insights
The office property market in 2025 presents a mix of challenges and opportunities, requiring strategies grounded in data and foresight. The market shows signs of stabilization, with net absorption hitting 10.3 million square feet in Q4 2024 and vacancy rates dipping slightly to 18.9% [6]. However, recovery is uneven, varying significantly by region and property type.
This limited supply is driving longer lease terms and higher rents, making it essential to act early to secure premium spaces. The ongoing "flight to quality" trend is reshaping tenant preferences, as companies prioritize properties with cutting-edge amenities, prime locations, and adaptable work environments. Renovated buildings, for instance, now account for over 30% of occupancy gains in the U.S., a figure that’s surged by more than half compared to just two years ago [9]. This shift is creating clear divides in the market, leaving older, outdated properties at risk of conversion or demolition.
Tenant demand is increasingly geared toward high-quality spaces and flexible work models. Leveraging these insights with advanced analytics can sharpen investor strategies and help navigate this evolving landscape.
Expert Tools for Better Decision-Making
In an environment as dynamic as this, precise data has never been more essential. Advanced analytics are proving to be a game-changer. Research from McKinsey & Company shows that real estate firms using sophisticated analytics tools see returns on investment that are 5–7% higher than those sticking to traditional methods [5]. Similarly, the National Association of Realtors reports that 92% of successful real estate firms now incorporate data analytics into their decision-making processes [5].
Technology is enabling more accurate predictions and smarter decisions. AI-driven platforms can forecast housing demand, rental trends, and investment opportunities with greater precision than conventional methods [31]. These tools can uncover opportunities that might otherwise go unnoticed [32].
One example is CoreCast’s platform, which offers tailored financial analysis tools to evaluate complex market conditions. Its conversion analysis capabilities assess factors like construction costs, government incentives, and zoning regulations. Additionally, scenario modeling features allow users to stress-test outcomes under various recovery scenarios and market conditions.
Success in 2025 will require blending quantitative data with qualitative insights. As Harry Klaff, Principal and U.S. President of Avison Young, explains:
“We’re seeing longer lease terms, which could support financing for new developments. While construction is limited now, we anticipate demand for new top-tier spaces in high-demand areas. I expect the office market to be in a far better position next year and even better two years from now.”
This type of forward-thinking analysis, backed by robust data tools, equips investors to stay ahead of market shifts.
While the exact recovery timeline remains uncertain, the fundamentals suggest better conditions for those who act strategically. Lower interest rates are expected to drive investments and transactions, while the limited supply of high-demand assets could create a competitive edge for early movers. Success will depend on carefully analyzing supply and demand dynamics, with performance increasingly tied to specific asset, market, and sector choices rather than broad market trends [9].
FAQs
-
igh vacancy rates in U.S. office properties in 2025 are primarily tied to the lasting effects of remote work. Demand for office space remains about 30% below pre-pandemic levels, and this trend is pushing the projected vacancy rate to hit 24% by 2026. Many companies are choosing to downsize or relocate to more budget-friendly locations. Adding to the strain, suburban migration and a growing supply of sublease options are further impacting central business districts, where vacancy rates have climbed to 19.2% as of April 2025.
While the market could see gradual improvement as businesses fine-tune their office strategies and embrace hybrid work models, the recovery is expected to vary. Modern spaces with attractive amenities are drawing more interest from tenants, but older buildings lacking flexibility continue to struggle. Though there’s potential for progress, challenges remain significant for certain segments of the market.
-
Office-to-residential conversions are shaking up the office property market. With office vacancies on the rise and a pressing need for more housing in the U.S., these projects are stepping in to fill the gap. By 2025, they’re expected to add about 70,700 new housing units - almost double what was achieved the year before. Cities like New York and Boston are actively supporting these efforts by offering tax incentives and streamlining approval processes.
For investors, these conversions can be an enticing opportunity, but they’re not without challenges. On the upside, the strong demand for housing provides a solid foundation for returns, and converted buildings may benefit from shorter depreciation schedules, which can boost cash flow. On the flip side, the costs of structural changes and meeting zoning requirements can be steep. Navigating this market successfully demands careful financial planning and a deep understanding of local regulations to strike the right balance between risk and reward.
-
Investors looking to capitalize on the 'flight to quality' trend in office real estate should focus on acquiring Class A properties. These high-end spaces, celebrated for their sleek design, top-tier amenities, and prime locations, are becoming the go-to choice for businesses aiming to attract and keep top talent in today’s competitive job market. While these properties command higher rents, the growing preference for premium workspaces makes them a smart long-term investment.
Regional trends significantly influence this demand. For instance, cities like New York and Chicago consistently show strong interest in Class A offices, while markets like Los Angeles may have more complex demand patterns shaped by local tastes and property features. By diving deep into regional market data and understanding tenant priorities, investors can pinpoint opportunities and navigate the shifting landscape of office real estate with confidence.