The revolution in remote work has not been kind to the office sector. But smaller, higher quality offices have performed relatively well over the past couple of years. With fewer workers in the office firms have been able to cut space requirements and some have used those savings to upgrade to better offices in more desirable locations. And with the adjustment to hybrid work set to be protracted that dynamic has further to run. But even so, while returns for higher quality offices will outperform over the next few years, we doubt they will exceed the other main property sectors.
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