22% vacancy = opportunity, not doom. 👌

So everyone's wondering if office real estate is dead. It's not dead, it's just evolving. Phoenix in particular office vacancy rates are about 22.1% which is really high. The office market is just shifting post the hybrid work revolution a lot of employers are requiring their people to come back to work but some of them aren't and they've adopted this remote or hybrid work. What office tenants are craving for these days is new class A offices that that have all the amenities that you could possibly ask for and what that's doing is pushing out a lot of these B and C class offices that are no longer in high demand. Those B or C class locations are being scooped up at pennies on the dollar some of them trading 40 to 50% below what they were currently trading for and those are getting converted over to mixed use, multifamily different uses like that. Office isn't dead, it's just evolving and I think there's lots of opportunity in office and it's just going to continue to shift.