“I think retail is much more of a falling knife than office, and I think that office is likely to recover much quicker than retail,” real estate billionaire Sam Zell tells BeckyQuick.
"Everything between the top mall and the corner grocery anchor mall … [there's] a serious question as to its viability," Zell said in ainterview. "I think retail is much more of a falling knife than office, and I think that office is likely to recover much quicker than retail."
The Equity Group Investments founder expects the office market to rebound once Covid becomes "less of a risk," albeit with hybrid work becoming part of the norm. The speed of recovery will depend largely on thriving industries that hire more workers to come into the office, he added. "Ultimately the amount of time people spend in the office is gonna be very much related to the demand for their time.
"There's a disparity between office prices and office attractiveness. There's been relatively little change in pricing. We haven't had any kind of distressed scenario," Zell said, adding that dynamic could change as market interest rates tied to bond yields have climbed in recent weeks.
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