Office Is Bifurcating, Not Dying
The trophy/commodity gap is the whole story.
The 'office is dead' narrative obscures the real story: the asset class is splitting in two. The best buildings are leasing at record rents while the rest face an existential reckoning.
Flight to Quality Is Permanent
Tenants downsizing their footprint are simultaneously upgrading their address. Amenitized, well-located, modern space wins; tired commodity stock in weak locations is the overhang nobody wants.
The investment question is no longer 'office: yes or no.' It is which side of the bifurcation a specific building sits on.
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